Under fire Rangers Finance Director Brian Stockbridge has resigned, the club has announced.
Mr Stockbridge, who has come under pressure from fans in recent months despite paying back a £200,000 bonus, has left the board with no pay off or bonus.
The Ibrox club announced the move tonight to the Stock Exchange, hours after new chief executive Graham Wallace had hinted at the move in an interview.
In a statement, it said: "Rangers announces that by mutual consent Brian Stockbridge is leaving the Company and has resigned as a director of the Company and its subsidiaries with immediate effect. Rangers confirm that no ex gratia benefit or bonus has been offered or paid to Brian Stockbridge in connection with the termination of his employment or office.
"The Directors would like to thank Brian for his contribution to the Club during a difficult period.
"The Board has commenced the search for a new Finance Director. A further announcement will be made in due course."
It comes a month after it emerged that he had been forced to return the bonus following pressure from Manx-based Laxey Partners, which plays a major role in the running of the League One club.
Mr Stockbridge had come under fire for accepting the bonus following the club's achievement in winning the third division last season.
The former finance director had been re-elected to the board at an AGM in December after seeing off an attempt to oust them led by former director Paul Murray and former chair Malcolm Murray.
The group could only achieve about 30% vote as the major of shareholders backed the current board. Mr Stockbridge's future appeared to be far from secure as he won only 65% support for re-election.
He had also faced criticism after he revealed that the club would be left with just £11million, despite a share issue that raised fortunes for the club.
He had been jeered by fans at the AGM as he revealed that there had been a £6.5m cost of setting up the the share issue which raised £22m more than a year ago.
Mr Stockbridge was part of the original team which was part of Charles Green's takeover in 2012 by Sevco. Green has also since left the club.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article