Former chairman Alastair Johnston and Paul Murray have been removed from their roles as directors of Rangers, while two other directors have been suspended over "irregularities".
Martin Bain, the current chief executive of the Scottish champions, and Donald McIntyre, a former executive director, will face an internal inquiry and have been suspended from their positions. While Johnston and Murray have simply been axed.
The changes follow tycoon Craig Whyte's takeover of the Scottish champions earlier this month - a buy-out that had been met with opposition from both Johnston and Murray.
The news was confirmed in a statement to the stock exchange, which read: ''The board announces that on 23 May 2011 Alastair Johnston and Paul Murray were removed as directors of The Rangers Football Club P.L.C. The Directors of The Rangers Football Club P.L.C. accept responsibility for this announcement.''
The independent board committee set up to review takeover offers, and led by Johnston, had previously delayed the conclusion of Whyte's deal.
Johnston had cast doubts on the businessman's ability immediately to transform the club's fortunes and revealed plans to explore a 'Plan B'. Murray - who had been a non-executive Rangers director for four years - was then quoted as saying the Whyte deal was not the right one for the club after proposing the rival bid.
Speaking at the beginning of May, he said: ''I had an open mind on the Craig Whyte transaction but when I saw the final structure of the deal in early April, I felt that it was not in the best interests of the club. I therefore believed I had no choice but to table an alternative proposal.''
The £25 million 'Plan B' ultimately failed to prevent Whyte pushing ahead with his ownership plans and he took over Sir David Murray's majority shareholding on May 6.
Just hours after the takeover was completed, Rangers board members released a statement continuing to express doubts over Whyte's cash pledges.
Meanwhile, another statement to the stock exchanger read: ''The board announces that Cairn Financial Advisers LLP has been appointed PLUS corporate adviser to the company with immediate effect.''