Jeff Shi has stepped down as Wolves' executive chairman after almost 10 years at the helm.
His departure comes amid mounting discontent among supporters and the club's catastrophic Premier League campaign.
The 48-year-old will retain his positions as chairman and chief executive of Fosun Sports Group, but will no longer hold day-to-day responsibilities at Molineux.
Nathan Shi, who shares no family connection with his predecessor, assumes the role on an interim basis.
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He has been part of the Fosun organisation since 2016 and is understood to have previously served as executive assistant to Fosun chairman Guo Guangchang.
Fan anger boiled over recently when supporters boycotted the opening quarter-hour of the 4-1 home thrashing by Manchester United.
The demonstration underscored widespread fury at what many supporters have characterised as "managed decline" under the current ownership.
Wolves find themselves anchored to the foot of the table, having accumulated a mere two points from their opening 16 fixtures and sitting 14 points from safety.
Jeff Shi has stepped down as Wolves' executive chairman
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Summer recruitment proved disastrous.
The club sanctioned departures of Matheus Cunha and Rayan Ait-Nouri to Manchester United and Manchester City for a combined £92.5 million, while captain Nelson Semedo left without a fee.
Six players lacking top-flight experience arrived as replacements.
Shi himself conceded that too many changes were forced through simultaneously.
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His departure comes amid mounting discontent among supporters and the club's catastrophic Premier League campaign
|GETTY
He said: "I took the keys to this chair with humility; today, I step aside with a heart full of gratitude.
"It has been an honour and a privilege to work alongside our leadership team, players, coaches, staff and – above all – our fans. Together, we have transformed the club into a global force, battling at the highest level."
He added that whilst his position may alter, his passion for the club remains unwavering, pledging full backing to incoming leadership.
Nathan Shi acknowledged the gravity of the task ahead, declaring: "At this important and challenging moment, I look forward to working closely with all stakeholders to build a stronger future."
Wolves brought in Rob Edwards in an attempt to change their season around
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The focus now shifts to this afternoon's fixture against Brentford at Molineux.
Failure to secure victory would see Wolves match an unwanted Premier League record, equalling Sheffield United's mark for the longest winless start to a season at 17 matches.
Nathan Shi is expected to attend his first game since taking over as interim coach.
Under Fosun's ownership, the club achieved consecutive seventh-place finishes, reached an FA Cup semi-final in 2019 and progressed to the Europa League quarter-finals the following year.
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