Bill Kenwright will remain on the Everton board after owner Farhad Moshiri said the long-standing chairman has a vital role to play in the "important period of transition" at the club.
Following the departures of chief executive Denise Barrett-Baxendale, chief finance officer Grant Ingles and non-executive director and former striker Graeme Sharp last week, the future of long-serving chairman Kenwright appeared in doubt.
However, Moshiri revealed on Friday morning that Kenwright had accepted his request to stay on.
Providing an update on the chairman's position Moshiri stated: "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. 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 have also announced the appointment of Colin Chong as interim chief executive officer and director. Chong is currently the chief stadium development officer and has been focused on the delivery of the transformational new Everton Stadium at Bramley-Moore Dock.
In addition, he has been responsible for the operational management of the club's business headquarters at the Royal Liver Building. James Maryniak, currently director of finance, will take charge of all finance matters as interim chief finance officer.
Furthermore, Everton have announced the proposed addition of two non-executive directors to the board, subject to normal Premier League approvals. Moshiri will join the board alongside Mr John Spellman, an experienced chartered accountant, successful businessman and Evertonian.
"In John, we have an experienced finance professional who has held chief executive and senior finance roles for international firms and I welcome him to the club.
"In Colin and James, we have two experienced senior club professionals who have agreed to take on enhanced roles on an interim basis, and who we know can and will deliver immediately."
Meanwhile, the potential investors in Everton, MSP Sports Capital, have secured $166m (£130m) of investment as they move closer to taking a stake in the Goodison Park club.
The funds will allow them to bring money to Everton which will finance the continued construction of the clubs new stadium at Bramley Moore Dock. The deal, which could see the New York firm ultimately take a 25% stake in Everton, is likely to be concluded in the coming weeks.