Wolves chairman Rick Hayward has stepped down from his position citing increased business commitments.
Fellow director Paul Manduca has also decided to relinquish his position and the pair will be replaced by local businessmen Kevin Threlfall and John Gough.
Hayward, son of Wolves owner Sir Jack Hayward, said: 'We can't ignore the fact that the family's business interests in the Bahamas are expanding. This means I'm finding it more and more difficult to spend time in Wolverhampton, which isn't good for the club.'
Hayward continued: 'I think it is right that I step down as chairman, but this doesn't mean that my involvement with the club is over.
'I will still attend games and support my father, Jez Moxey and the new Board whenever possible. This is an exciting time for Wolves. I'm really pleased with the appointment of Mick McCarthy and I fully support the move towards young, hungry players who really want to play for the club.'
Fellow director Manduca is also stepping down to concentrate on other business interests.
Threlfall, 57, and Gough, also 57, are both Wolves fans from the Black County and club president Jack Hayward said: 'I've always said that I wanted the board to include successful local businessmen who understand what the club means to the people of Wolverhampton.
'Both Kevin and John live in the city and have followed the club from the terraces since they were boys. They have enjoyed a great deal of success in business and I'm sure their knowledge and drive will help the club.
'Rick and Paul have served the club well and their input will be missed. However, being involved in running a football club is time consuming and they both felt it wasn't fair to continue if they couldn't commit themselves wholeheartedly to moving the club forward.'