Bill Kenwright is set to stay on as Everton chairman.
Kenwright was expected to depart his position in the Goodison Park board amid growing fan opposition and the exits of three fellow directors.
Chief executive Denise Barrett-Baxendale, finance officer Grant Ingles and Graeme Sharp all left their roles last week as part of planned changes.
However the 77-year-old has retained his position following talks with majority shareholder Farhad Moshiri, who is set to join the Blues’ directorship.
News of Kenwright’s future had been expected last Wednesday, with the club pledging to deliver an update ‘in the next 48 hours’ at the start of that week.
But Friday’s announcement arrived more than 200 hours later than planned.
The unforeseen wait prompted fans via the #AllTogetherNow collective to demand that Moshiri remove Kenwright in order to finally break the impasse.
Yet the British-Iranian billionaire outlined his decision for ensuring the theatre impresario was part of Everton’s new-look hierarchical setup.
“I wanted Bill to remain as our chairman during this important period of transition for the club and I am delighted that he has accepted my request to do so,” said Moshiri.
“Bill’s knowledge and vast experience will be crucial for us as we look to reset, deliver on external investment and position Everton for a successful future.”
Everton also confirmed the appointment of Colin Chong to the board with the club’s stadium director also filling in the role of interim chief executive.
John Spellman is also taking up a position at board level while finance director James Maryniak will temporarily oversee the position of chief finance officer.