Published Wednesday, 21 May 2014
Terence Brannigan has stood down. (© Presseye)
He has been replaced with Stephen Henderson after tendering his resignation at Tuesday's AGM.
Mr Brannigan has been a member of the club's board for three years when it had big financial problems.
However Glentoran's accounts for the latest financial year show a trading profit of £83,000.
The Oval club's financial problems in recent years have included an inability to pay player wages on a number of occasions.
In a statement Mr Brannigan said: "As with almost every other club in the Irish Premier League, Glentoran continues to face financial challenges and we will do so until our stadium goal is met.
"However, I feel that, now that we have clearly demonstrated that our club can not only remain in existence, but can enjoy some measure of success whilst operating within its means, the time is right for me to formally hand over leadership of our club to other individuals within Glentoran who have helped play a major role in improving our position and who are prepared to fully commit themselves to further building upon these improvements."
His successor Stephen Henderson added: "As a lifelong Glentoran supporter I am honoured to take the chair of the club and to thank Terence Brannigan for all his input, guidance and hard work over the past 3 years, during which the club has come through some very difficult challenges.
"This remains a challenging time for Glentoran but I and the rest of the Board will continue to ensure stability and complete commitment to both the day to day running of the club and to securing the club's long term future in a new stadium within east Belfast."
© UTV News