Valencia have confirmed the exit of president Anil Murthy following a turbulent few weeks at Mestalla, stating the club must "regain the trust of the fans".
The 49-year-old has been embroiled in controversy since April when a man purported to be Murthy suggested to someone else in audio leaked by Superdeporte that he had threatened to "kill" Carlos Soler's reputation in the press if he did not sign a new contract.
Valencia did not deny Murthy was the person depicted but claimed the reports were part of a smear campaign against the club, insisting the recordings were "taken out of context from a private conversation and recorded illegitimately without the permission of the president of Valencia, Anil Murthy."
The club also reported death threats against Murthy to authorities earlier this month.
Valencia have now issued a further statement, however, confirming Murthy's immediate departure and distancing themselves from his remarks.
"The board would like to clarify that the content of the leaked conversations between Anil Murthy and various third parties are the personal views of Anil Murthy and not of Valencia CF," the club said in a statement.
"Valencia CF disassociates itself from his views. The board values the importance of a close relationship between the club, the community, fans, government authorities, media and other stakeholders.
"The board hold the view that a change in leadership is required, in order to regain the trust of the fans and the community and put Valencia in a position for success.
"Effective immediately, Anil Murthy will cease to be both president and an employee of Valencia.
"The board is pleased to announce the appointment of Sean Bai as acting director general on an interim basis. Mr. Bai has been with the club since 2018 and is currently the director of the academy.
"The board will immediately commence a search process to appoint a new president for Valencia, and an announcement will be made in due course."
Jose Bordalas' side finished ninth in LaLiga this term and lost the Copa del Rey final on penalties to Real Betis.