The Rangers shareholders voted around 85% in favour of King and 15% against and means Derek Llambias and Barry Leach have been voted off the board.
Former oldco director Paul Murray will come in as an interim chairman while King is vetted by the SFA and John Gilligan is also appointed on to the board.
It’s understood that Sandy Easdale, who controls 20% of the club’s shares, abstained from the vote.
The meeting lasted less than 15 minutes as the seven resolutions were read out to a crowd of around 1,000 supporters – amongst them former Rangers boss Ally McCoist who was placed on gardening leave.
Resolution one and two which moved to oust chairman David Somers and director James Easdale were removed after the duo resigned before the meeting.
Resolutions three and four sought the removal of chief executive Derek Llambias and finance director Barry Leach, while five, six and seven moved to appoint King, former oldco director Paul Murray and John Gilligan onto the board.
The EGM was originally supposed to be held in London but two hotels pulled out of hosting the event before it was moved to Rangers’ home ground.
The former oldco director King says it will take “northwards of £20 million” to sort the club out and return it to a competitive position.