Douglas Park spoke about the “great honour” of being Rangers chairman after stepping down from his position.
Park, who took on the role in March 2020 at the onset of the Covid pandemic, will be replaced by current vice-chairman John Bennett.
During Park’s tenure Rangers won their 55th Scottish League title, reached the Europa League final and lifted the Scottish Cup for the first time in over a decade.
He also led significant investments in the infrastructure at both Ibrox and the club’s training centre in Auchenhowie.
Park told the club’s official 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.”
Bennett said: “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.”