Waratahs chairman Edwin Zemancheff has stepped down after two years at the helm of the professional arm of the New South Wales union.
This comes after a tough season for the Super Rugby side which saw them finish well down on the standings and fail to challenge for a place in the play-offs, finishing behind both the Brumbies and the Reds in the Australian conference.
The disappointing results have increased speculation that coach Michael Foley will be replaced, although the franchise is adamant that Zemancheff's departure is not connected with the difficulties the team have had this season.
Zemancheff was appointed in December 2009 and was instrumental in setting up the board that is tasked with delivering a sustainable future for rugby in New South Wales.
Established in June 2010 as a distinctly separate and independent entity to administer all aspects of professional Rugby in NSW, Waratahs Rugby last year contributed $1,175,000 to the New South Wales Rugby Union community game through license fees and other grants and still recorded a net operating profit of $49,990.
Having completed his objective of leading the new organisation through two full seasons, Zemancheff's decision to step down allows him to pursue his other non-executive directorships.
A respected and successful businessman and lawyer, Zemancheff has 20 years' legal experience as a partner in a global law firm.
He serves on the board of a number of other public and private companies and previously held a non-executive director position with the New South Wales Rugby Union and was its Chairman between 2008 and 2010.
A decision on his replacement will be made in due course.