Albion Rovers promote assistant James Ward to manager
James Ward, who was assistant to the , has been appointed Albion Rovers' new manager.
The 41-year-old, who had coached at Clyde, Hamilton Accies and Alloa Athletic under Allan Maitland, joined the Coatbridge club last summer.
Director Frank Meade said: "James brings a wealth of management experience within and outwith football.
"And we look forward to working with him as we seek to return to the Second Division at the first time of asking."
Mark Cameron, who until recently was manager of junior side Arthurlie, will be Ward's assistant manager.
Lumsden had announced his departure from the club following after their last-place finish in the table was confirmed.
Rovers, who had spent two seasons in Division Two, had initially announced that they would appoint a director of football and replace Lumsden with a head coach.
However, following a further board meeting, they announced earlier this week that they had decided to delay those plans until a new youth system was in place.
The club website announced: "Having spent some time considering the board's preferred structure, we have decided that it would be more appropriate to hold off appointing a director of football until we have established the infrastructure needed to support a properly defined community youth structure embedded within a charitable trust entity.
"The club would also like to advise supporters that an application for a grant from funding made available on the back of the Scottish government's sponsorship of the League Cup was approved on Friday.
"The club's aim is to use this money to establish an Albion Rovers charitable status company.
"We will now proceed with establishing this as quickly as the legal process allows."
Meanwhile, Ward faces a rebuilding process with only six players being under contract for next season.
Striker Chris Dallas was already under contract, while goalkeepers Graeme Shepherd and Matt McGinley, defender Kevin Green and forwards Scott Sally and Ryan Tiffney have all agreed new one-year deals.
Veteran former Trinidad and Tobago international Marvin Andrews, fellow defender Kieran Brannan, midfielders Simon Marriott and Conor Stevenson and forward Steven Howarth were all released, while winger Chris Boyle has retired.
Midfielders David Crawford, Alan Reid and Barry Russell, defenders Mick O'Byrne and Kevin Green, plus forward Pat Walker, have all been offered new contracts.
Defenders Peter Innes and Tony Stevenson have been invited to join the squad for pre-season training in an attempt to win new deals.
Veteran defender Danny Ferry will remain with Rovers in a coaching capacity but will not be on the playing squad.