Falkirk will appoint an interim chairman to carry out a review of the club's board functions after Margaret Lang resigned her position today.
Mrs Lang stepped down at a directors' meeting this afternoon having spoken to fans representatives at a meeting last night.
It is understood her replacement will come from outwith the club, and has yet to be identified.
Mrs Lang replaced Doug Henderson as chairman in June 2017 having served as vice-chairman. Though she has resigned her position, she will stay on as a member of the Bairns' board.
She had been subject of chants from the Bairns' support to resign during Falkirk's final two matches of the Championship season, when the Bairns were relegated to SPFL League One.
In a statement issued by the club this evening, the Bairns described the season just past as 'horrific' and also confirmed former chairman Martin Ritchie will depart in July.
It read: "Margaret Lang has stepped down as Chairman of Falkirk FC. Following a horrific season which saw the club relegated to League One, a full root and branch review of the board, management and governance of the club will be carried out.
"The club will seek an independent interim Chairman to lead this review. The interim chairman will advise on future board structure and appointments, and management processes. All stakeholders in the club will be consulted in this process.
"The Board thanked Margaret for her commitment and hard work on behalf of the club during her period as Chairman. Margaret will stay on the board of directors.
"Further board changes will follow the board level review. Martin Ritchie has confirmed he will stand down from the board in July, at the same time he resigns from the SPFL board.
"Everyone at the club apologises to our supporters for getting us into this mess. Our support has been incredibly loyal throughout the season and we would like to thank them for sticking by the team. The club cannot take this for granted. Relegation to League One must be regarded as an opportunity to rebuild the club both on and off the field. Our immediate goal is to regain our Championship status and use that as a springboard for an assault on promotion to the Premiership.
"This will not happen without changes. It also requires the continuing support of all of our supporters and sponsors.
"The board will continue to pursue options for fan and community involvement and ownership as a means to help finance a promotion push and to safeguard the long-term future. Whilst there have been conversations with some potential new investors, these remain at an early stage. The club cannot rely on outside money to fund next season’s campaign but are confident that we can generate the resources required to get back to the Championship in one season.
"Thank you again to all our supporters and sponsors, and we look forward to seeing you next season."