Hugh McDaid will stand down from the role on 26 November

McDaid said "it is time for new thinking" and he added that a number of other directors are likely to stand down at the club's AGM on 26 November.

"These people also have their own businesses to run," he added.

McDaid will stay on the board of Brandywell Properties which was set up to oversee the redevelopment of Derry City's home ground.

The Derry businessman will also remain a member of the club's development committee.

"Derry City is now at a level where we have come so far these last few years," added McDaid.

"There are a lot of tired people because they have put in so much over the past seven or eight years.

"These are beautiful people who have given a lot of time to Derry City.

"But there are people who want to serve on the board and the club is a brilliant position as far as football is concerned.

"I would like to see fresh faces all over the club because we are going places."

McDaid succeeded Jim Roddy as chairman in February 2005.