Michael Stewart has voiced concerns for Rangers manager Philippe Clement amid ongoing upheaval at the club.
John Gilligan is currently serving as interim chairman following John Bennett's decision to step down from the role at the weekend, while the search for a new chief executive continues after James Bisgrove's exit to the Saudi Pro League on May 30.
Former chairman Dave King has expressed a strong interest in returning - even detailing his visions for the Glasgow giants on talkSPORT, but it's believed since that Ibrox directors are likely to reject his bid.
Rangers sit five points behind leaders Celtic in the Scottish Premiership table, having narrowly edged past Dundee United at Tannadice on Sunday.
And with five games played, sections of the Light Blues support have questioned Clement's leadership despite his squad undergoing a huge rebuild during the summer.
Stewart acknowledged the critics but believes things must be sorted at board level before serious discussions are made about the head coach's position changing hands.
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“They started the game brightly (against Dundee United) but I think over the course of the full 90 minutes there isn't anybody who comes out of it thinking it’s a stellar performance - but it’s a win," he told The Scottish Football Social Club.
"It gives them something to build from. But, in reality, what do Rangers do here? I fear for the manager. There is a real pressure that is building and the pressure from the supporters is, of course, huge.
"Does the pressure become too much and the board capitulate and get rid of another manager, and start all over again? Or is there going to be an acceptance and an understanding that they have got to give somebody a bit of time.
"They gave Steven Gerrard time and eventually he was able to win the title. This is a difficult position for Rangers. Turnover is massively lower than Celtic when you add in the Champions League money as well, how do you bridge that gap?
"You are having to turn over a squad, turn over a board, trying to find executives - I just don’t think the wise thing to do would be to try and find a new manager as well. I know there are some serious questions being asked of him, but his hands are tied to a great extent at the moment.”
