Exeter City chairman Edward Chorlton has stepped down with immediate effect.
He had led the Grecians' board since December 2009, but was facing a vote of no-confidence by the Supporters' Trust, who own the club.
"Mr Chorlton wishes Exeter City AFC well in the future," said a club statement.
"He says the club has a professional board of directors, an outstanding manager, a very talented young team, and a group of hard working staff."
Exeter are currently after to cover cash flow problems after lower than expected attendances last season.