Craig Mather insists he leaves his position as Rangers chief executive with his head held high as the bitter battle for power in the Ibrox boardroom took another twist.
News of his resignation came just two days after former director Paul Murray won a court battle to postpone the club's annual general meeting, which was set to take place next week.
The postponement followed attempts by the Rangers board to block a motion for the election of potential new directors in the shape of Murray, former chairman Malcolm Murray and allies Scott Murdoch and Alex Wilson.
As well as Mather's departure, Rangers also confirmed the resignation of non-executive director Bryan Smart, leaving only Brian Stockbridge and James Easdale on the board.
In a statement on the Rangers website, Mather defended his short tenure at the club, which recently reported losses of £14.4million.
He said: "The interests of the club are of paramount importance and I believe these are best served by me leaving the club.
"Despite recent events and speculation, the facts of the matter are that the club is financially secure and in a far better place than it was a year ago.
"Unlike most football clubs Rangers has money in the bank, no borrowings and this season we have assembled a squad which is capable of progressing through the leagues.
"I have enjoyed a very constructive relationship with Ally McCoist and wish him and the team every success.
"My short tenure as chief executive has been beset by incessant attempts to destabilise the operations of the club, all done supposedly in the interests of Rangers.
"I had real faith in the rebuilding of Rangers and invested significantly in the club.
"Sadly, those who have been most active in upsetting the very good progress we have been making were not willing to do the same.
"I leave with my head held high and will remain as a shareholder and a supporter of Ally and his team."
Mather replaced the controversial Charles Green as chief executive in April on an interim basis, before taking on the role permanently.
He said he hoped his exit would help bring to an end the "hysteria" currently surrounding the Scottish League One club.
He added: "I would also like to pay tribute to the outstanding commitment and loyalty of Rangers supporters.
"No individual is more important than Rangers and my departure will hopefully alleviate some of the pressure surrounding the club and herald an end to the current hysteria, which I believe most fans desperately want to see.
"I have always tried to do my best for the club and the fans and I will continue my support of what is a fantastic club.
"There are a great many good and thoroughly decent people working with Rangers and I am proud to say that I was able to stand alongside them for a time.
"It is often forgotten that I put in £1million of my own money but I can assure everyone that it was never about the money for me.
"I consider it to have been my privilege and I am certain that once the board is settled Rangers will be restored to the top of Scottish football.
"I wish Rangers and the fans every success in the weeks, months and years ahead.
"I will continue to follow the club's fortunes and support the team which is playing an exciting style of football. In fact, I hope to return to Ibrox and take in as many matches as my time will allow."