Valencia president Amadeo Salvo quit the La Liga club on Wednesday, due to "personal and family reasons".
Salvo departs the club along with sports director Francisco Rufete, secretary Fabian Ayala and five others, with the former's exit reportedly due to his father's battle with cancer.
The 48-year-old said he felt he had improved the Mestalla club's fortunes in recent times, with Valencia back in the UEFA Champions League for the first time since 2013.
"Two years ago the club was definitely worse off than now," Salvo said in a statement.
"It was a club in decline and today it is thriving and there is a new-found excitement.
"Now, Valencia CF are in good hands and the club has a great future ahead with Layhoon [Chan] and [owner] Peter Lim.
"I ask the fans to continue to always support the team, as I will now do from my seat at Mestalla as a fan - as I did before becoming president."
Chan has taken over the presidential reins.
"Personally, this is a difficult period for me, but I'm sure that Valencia CF is above all of us and that we will emerge stronger in no time," she said.
"My goal is to gain the trust and support of the fans and shareholders."
