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Long-serving chairman Bill Kenwright will remain at Everton after being convinced by owner Farhad Moshiri to help the club through a "period of transition".
Kenwright, 77, has been the subject of protests from supporters, who have long called for him to leave his post.
He has spent 34 years on the club's board of directors.
Moshiri, who will join the club's board, said Kenwright's "knowledge and vast experience" was key for Everton.
In a club statement, Moshiri said: "I wanted Bill to remain as our chairman during this important period of transition for the club and I am delighted that he has accepted my request to do so.
"Bill's knowledge and vast experience will be crucial for us as we look to reset, deliver on external investment and position Everton for a successful future."
Successful theatre and film producer Kenwright was first invited to join the board at Goodison Park in 1989 and rose to deputy chairman after buying a majority 68% stake for £20m in 1999.
He was appointed chairman in place of Sir Phillip Carter in 2004 and a year later the Toffees secured a place in the Champions League qualifiers under the guidance of manager David Moyes.
After British-Iranian business Moshiri first bought a stake in Everton in 2016, before upping it to become majority shareholder in 2018, Kenwright's stake eventually fell to 1.3%.
In April, Kenwright wrote an open letter defending the way the club was being run and denying suggestions health issues were affecting his ability to do the job.
But the Everton Fan Advisory Board responded by saying it had "no confidence" in the Toffees chairman, with the club narrowly avoiding relegation in the past two seasons.
Chief executive Denise Barrett-Baxendale, chief finance and strategy officer Grant Ingles and non-executive director Graeme Sharp all left their roles.
The statement also confirmed Colin Chong as interim chief executive officer and director at Everton. He is currently chief stadium development officer, overseeing the club's move from Goodison Park to Bramley-Moore Dock.
Moshiri will join the board alongside John Spellman, described by the club as "an experienced chartered accountant, successful businessman and Evertonian".
Kenwright and other board members have not attended any home games since a 4-1 defeat by Brighton in January.
The club had said in a statement
there was "real and credible threat to their safety and security".
Merseyside Police was called in to liaise with the club following the alleged threats, which included reports of death threats sent to Kenwright and intimidating calls and emails to Barrett-Baxendale.
Supporters regularly held protests before home games last season, marching down Goodison Road while holding banners and chanting "Kenwright out".
In March, a panel featuring a picture of Kenwright that was stolen from outside Goodison Park was found in a canal.
Last month, Everton entered into an exclusivity agreement with MSP Sports Capital over investment in the club, with the New York-based company likely to expect representation in the boardroom.
Everton are also awaiting news of any potential sanctions after being referred to an independent commission by the Premier League over an alleged breach of financial fair play rules, with the club "prepared to robustly defend" their position.
