WALTER SMITH has been appointed chairman of Rangers, with Malcolm Murray stepping down from his position.

The changes were approved at a board meeting in London yesterday as the directors attempted to find stability after a period of dissent and strife.

An announcement to the Stock Exchange was made today.

Murray had been expected to either stand down or be removed from his role. He was the subject of a unanimous vote of no confidence among the seven other directors this month and had a board meeting last Friday taken place as planned he would have been voted off.

Smith’s appointment was a unanimous decision. He is widely acknowledged as the club’s most successful manager.

A statement to the Stock Exchange from the club said: “The Rangers International Football Club plc today announced that Walter Smith has been appointed Non-Executive Chairman of the Board. Walter Smith is widely acknowledged as the Club's most successful manager. Under his leadership, the Club enjoyed two immensely productive spells and he is one of the most highly regarded figures in British football.

“He succeeds Malcolm Murray, who agreed to step down as chairman, and Walter Smith's appointment was a unanimous decision of the Board.

“The Board believes that the new chairman will bring stability, experience and a wealth of knowledge to the Club.”

Leaving the club’s board without a chairman would have led to uncertainty among shareholders, although Smith's appointment was unexpected. He has previously expressed a reluctance to take on the role, and has twice come close to stepping down as a non-executive director during boardroom difficulties.

Smith had been critical of Charles Green, the former chief executive who resigned and will, come midnight on Friday, no longer be a director.

Much of Murray's time as chairman was spent clashing with Green and Imran Ahmad, the commercial director who left last month. It was also Murray who instigated the independent examination – by Deloitte and Pinsent Masons – into alleged collusion last summer between Green and Craig Whyte, the ex-owner.

Although Smith was an ally of Murray's during much of his time on the board, the ex-manager reluctantly came to the same conclusion as other directors a change was required. There is also the prospect of an extraordinary general meeting, called by the shareholders Blue Pitch Holdings, to contend with.

There are four resolutions to be heard at the meeting. The others were for Philip Cartmell, the non-executive director, to be voted off the board, James Easdale, the owner of McGill's Buses, to be voted on, and for Chris Morgan, said to represent the family trusts behind Blue Pitch Holdings, to also be voted on.

Walter Smith factfile

1948: Born February 24 and brought up in Carmyle in the east end of Glasgow.

1966: Joins Dundee United initially as a part-time player and electrician before going on to make more than 250 appearances.

1974: Plays in 3-0 Scottish Cup final defeat by Celtic. Later sold to Dumbarton for £7,000.

1979: Rejoins Dundee United to take coaching role under manager Jim McLean.

1983: United win the Scottish league for the first time.

1984: The Tayside outfit lose a European Cup semi-final to Roma.

1986: April - Moves to Ibrox as number two to Graeme Souness.

June - Assistant to Scotland manager Alex Ferguson at the Mexico World Cup.

1991: Takes over from Souness as manager of Rangers, who clinch the title four matches later - their third successive championship.

1992: Guides Rangers to the double.

1993: Rangers win the treble and finish a point off a Champions League final spot behind eventual winners Marseille.

1994: Rangers take title by three points from Aberdeen and retain League Cup.

1995: Championship is won easily by 15 points from Motherwell. Smith signs Paul Gascoigne from Lazio.

1996: Third league and Scottish Cup double for Rangers under Smith.

1997: Leads Rangers to record-equalling ninth successive title after beating Celtic in four league matches.

October - Awarded OBE. Announces he will step down as Gers manager at end of season.

1998: May - Last season of first spell in charge at Ibrox ends without silverware after Celtic lift title and Hearts defeat Rangers 2-1 in Scottish Cup final.

July - Rejects offer from Sheffield Wednesday to sign three-year deal as Everton manager.

1999: May - Everton finish 14th in the Premier League, seven points above the relegation zone.

December 26 - Agrees a two-year extension to his existing contract following theatre impresario Bill Kenwright's £20million takeover.

2000: Everton finish 13th in the Premiership, but they are knocked out of the Worthington Cup by Bristol Rovers and the FA Cup by Tranmere.

2001: Everton finish 16th, eight points clear of relegation zone.

2002: March - After a run of one win in 13 Premier League matches, and defeat to Middlesbrough in the FA Cup quarter-finals, Everton terminate his contract.

2004: March - Joins Manchester United as Sir Alex Ferguson's assistant until the end of the season.

December 2 - Confirmed as Scotland manager following resignation of Berti Vogts.

2005: March 26 - Scotland lose 2-0 in a World Cup qualifier in Italy in his first game in charge.

October - Home defeat by Belarus ends hopes of a play-off spot for Germany 2006.

2006: October - Scotland follow up wins over the Faroe Islands and Lithuania with a famous 1-0 triumph over World Cup finalists France. Days later a 2-0 defeat in Ukraine ends a 100 per cent start to their Euro 2008 qualifying campaign.

2007: January 4 - Strongly tipped for a return to Ibrox after Paul Le Guen leaves his post as Rangers boss.

January 10 - Quits as Scotland boss and is appointed Rangers manager, prompting SFA to declare their intention to take legal action. Signs three-year contract.

2008: March - Wins his first trophy back in charge of Rangers when they win the Scottish League Cup after a penalty shoot-out against Dundee United.

May - Steers Rangers to the UEFA Cup final - the club's first European final in 36 years - but they lose to Zenit St Petersburg 2-0.

2009: May - Wins the league and Scottish Cup double.

December: It is revealed he will continue on as manager without a contract when it expires in January 2010.

2010: April - Leads Rangers to their 53rd domestic league title.

May 25 - Signs a one-year extension but says it will be his last season in football.

2011: March - Leads Rangers to an extra-time win over Old Firm rivals Celtic in the League Cup final.

May - Takes his tally to 21 trophies with Rangers after clinching the SPL title on the final day of the season.

2012: June 14 - Charles Green completes purchase of Rangers assets and business following the club's liquidation, hours after a consortium led by Smith makes a late bid.

June 19 - Smith's group ends attempts to get Green to sell the club on to them, with Smith having also rejected an invite from Green to join the board.

November 11 - Smith finally accepts a place on the board, joining retired Glasgow businessman Ian Hart in accepting the role of non-executive director.

2013: May 30 - Smith is confirmed as Rangers chairman, replacing Malcolm Murray.