Michael Carter, 44, who has been a shareholder since January 2012, will take over as chairman following what the club termed a review of governance.
Local businessman Glover took control of Wakefield in February 2011 after bringing the club out of administration.
The Wildcats were faced with a winding-up petition from HM Revenue and Customs over an unpaid tax bill of more than £300,000 and their financial difficulties resurfaced recently when Glover revealed the club had been the subject of nine county court judgments.
Glover said: "Michael has given a lot both in terms of investment and his input into the running of the club and we felt that the time was right that this was formally recognised with making him chairman of the board.
"We're entering a crucial period with the re-structuring of the competition from 2015, the move to Newmarket and the launch of our Sport & Education Academy this September.
"It's important that we retain stability but also that there is someone who can come in with a slightly different perspective to ensure we continue to drive forward.
"My day-to-day involvement with the club won't alter dramatically but it will allow me to focus on a few key areas that are vital to us becoming a sustainable business, namely Newmarket and the Sport & Education Academy."
Cater said: "I'm looking forward to playing a more active role in the running of the club and continuing to work towards our primary objective of ensuring we are a Super League club when we become the anchor tenants of the Community Stadium at Newmarket."
Glover said last month that Wakefield had endured a ''particularly tough six months'' but were not in danger of collapse.
- Sports & Recreation
- HM Revenue and Customs