Darren McCauley is stepping down as chairman and majority shareholder in Argyle.

The millionaire remains on the board but as one of six directors each with equal shareholdings.

The new chairman is Paul Stapleton, a director of the club since 1998, a senior partner in a leading firm of chartered accountants in Plymouth.

Stapleton, 50, has been a life-long Plymouth Argyle fan and was educated locally.

The other board members include Plymouth-born Foot, who was member of parliament for the Plymouth constituency of Devonport from 1945 to 1955 before subsequently going on to lead the Labour party.

The new vice-chairman is Peter Jones, also a current director who attended college in Plymouth and is an advertising and marketing professional.

Plymouth's other directors are Nicholas Warren, executive director at Morgan Stanley, and Phillip Gill an area director of an independent estate agency based in London.

Foot said: "It's taking a bit longer than I'd hoped.

"But I now believe everything is in place to make the club the success the people of Plymouth and the surrounding area deserve."

The incoming chairman, Stapleton, said: "The stadium redevelopment is finally underway, we have an excellent manager in Paul Sturrock and a new chief executive in David Tall."