Wolves chairman Rick Hayward has stepped down from his position at the Championship club because of his increased business commitments. "The family business interests in the Bahamas are expanding," Hayward, son of Wolves' owner Sir Jack Hayward, told the club's website.
"I'm finding it more difficult to spend time in Wolverhampton, which isn't good for the club."
Fellow director Paul Manduca has also decided to relinquish his role too.
Rick Hayward added: "I think it is right I step down as chairman, but this doesn't mean that my involvement with the club is over. I will still attend games and support my father, Jez Moxey and the new board whenever possible."
The pair will be replaced by local businessmen and life-long Wolves fans Kevin Threlfall and John Gough.
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