Douglas Park has stepped down from his role as Rangers chairman.
The Park's Motor Group founder - who served as chairman for three years - will also leave his position as a director at the Ibrox club.
It has been unanimously agreed by the Rangers International Football Club PLC board that vice-chairman John Bennett be installed as the new club chairman.
A Rangers club statement read: "Douglas Park, who has been chairman of Rangers International Football Club PLC (RIFC) for three years, has decided to step down from his role. The RIFC Board unanimously agreed to instal the current vice-chairman, John Bennett, as the club’s new chairman.
"Douglas became chairman of Rangers at the end of March 2020, assuming the role in the most challenging of circumstances. He became chairman at the onset of the Covid pandemic and went on to oversee Rangers winning its fifty-fifth Scottish League title; reach a major European final for only the fifth time in the club’s 150-year history; and lift the Scottish Cup for the first time in over a decade. Douglas also led significant investments in the infrastructure at both Ibrox and Auchenhowie."
Park was first appointed as a Rangers director in March 2015 as Dave King, Paul Murray and John Gilligan took over at the club.
The 72-year-old - part of the Three Bears consortium along with George Letham and George Taylor - stepped down in September that year due to business commitments before returning to the boardroom in November 2015.
Park then served as deputy chairman at Ibrox before being named chairman of the club in 2020.
On his decision to step down, Park told the club website: "It’s been a great honour to serve the club as a director and chairman.
"During my eight years in office, we endured extraordinary pressures. I am glad we have stabilised and strengthened the club and it is now time for me to hand over the baton to a new chairman for the next stage in the club’s development.
"I look forward to continuing to attend matches supporting the team, and I wish John and all at Rangers Football Club the very best."
Newly appointed chairman Bennett commented: "On behalf of all my colleagues, and indeed the entire Rangers family, I want sincerely to thank Douglas for his eight years of service. Over the last three years, he led the club during exceptionally challenging times.
"It’s a source of great comfort that Douglas, although no longer a board member, will be by our side to support us in our relentless pursuit of success."
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