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Bolton have announced that Dean Holdsworth has resigned from his role as director of football.
The former striker, who played for Bolton from 1997 until 2003, led the Sports Shield consortium that took over the club in March this year for £7.5million, preventing it from liquidation.
He will remain as a shareholder.
A statement read: "Bolton Wanderers can confirm that Dean Holdsworth has resigned from his role as director of football.
"The club will be making no further comment on the matter."
Holdsworth released a statement to the Bolton News, which read: "As of yesterday, I ceased to be employed by BWFC as director of football but wish to confirm that I remain as a shareholder and director of Burnden Leisure Limited with Ken Anderson.
"I remain fully committed to the club and am excited by the prospect of a successful new season."
Bolton begin life in League One following their relegation last season, with Phil Parkinson taking over as manager.
Bolton have fined and disciplined midfielder Liam Trotter and defender David Wheater for making an offensive gesture ahead of their defeat at Brentford on Tuesday night.
The players were also warned about their future conduct after they were caught on camera sticking their middle fingers up as they walked into Griffin Park prior to the match.
A club statement read: "Bolton Wanderers takes the conduct of its players and staff extremely seriously and will not tolerate such behaviour.
"The club would like to apologise for any offence caused by the incident."
Trotter later offered his apologies for the incident.
He told the Bolton News: "I apologise wholeheartedly - it wasn't anything aimed at the fans or the club.
"It was a silly prank, but unfortunately it went out live which we didn't know about.
"But it shouldn't have happened and I accept that we have to be better than that."
Bolton's 3-1 defeat pushed them another step closer to relegation, which will be confirmed if they lose to Derby at the weekend.
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Bolton Wanderers have announced that long-standing chairman Phil Gartside has died at the age of 63.
On the Wanderers board since 1988, he served as club chairman from 1999 until stepping away from his duties in November due to illness.
Vice chairman Brett Warburton: "Phil has been a personal friend for over 30 years. This is a very sad day for everybody." #BWFC
Bolton said in a statement on their website: "Bolton Wanderers Football Club is deeply saddened to announce that long-standing club chairman Phil Gartside has died aged 63.
"Phil has passed away after a short and brave battle with cancer."