Scunthorpe chairman Steve Wharton will step down at the end of the season.
After announcing that Brian Laws will replace Alan Knill as manager at Glanford Park, Wharton told a press conference that he will not be continuing his role after the current campaign is over.
He said: "I have given the board assurances that I am here until the end of the financial year, which is next June.
"I have made it clear to Brian that I think it is time I retired. Then it will be up to whoever takes over.
"We lost a substantial amount of money last year and will do so again this year. In any business you cannot continually do that year after year unless you have somebody prepared to come in and throw money at the situation.
"I have put a loan in place so that if I leave at the end of the year the club is financially sound. After that they have got to find a way of balancing the budget from then on."