Torquay have appointed businessman Keith Richardson as their new chairman for a period of two years.
Former chairman Chris Roberts resigned after only four months in charge at the Football League's bottom side after buying the club from Mike Bateson.
In a statement on the club website Bateson said: "I have no doubt he will be very, very good for the club.
"This is a step in the right direction off the field, now hopefully the team can do it where it matters most."
The appointment comes after a protest by three directors who resigned over Roberts' handling of the club.
Richardson has stated his intention to be at Saturday's game with Darlington alongside the other directors of the club.
He said: "I have acquired an option to purchase the shares in Torquay United and negotiations on this front are continuing, however my immediate priorities are to address any financial problems at the club."
Bateson added: "I hope that everybody at the club now gets behind the team and do everything they can to get the Gulls off the basement of the Football League.