Under-fire Wolves executive chairman Jeff Shi has stepped down from his role. The 48-year-old leaves after almost 10 years at Molineux, with the club winless and bottom of the Premier League on just two points.

He will remain chairman and chief executive of Fosun Sports Group but will have no operational duties with Wolves. He will be replaced for an interim period by Nathan Shi - no relation to Jeff Shi - who has been working for owners Fosun since 2016.

Jeff Shi 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. "I would like to thank Fosun and the board for their trust, and every supporter for making Molineux shine. My seat may change, but my heart will still roar for this club every single game. I give my full support to the new management team and wish them every success in driving Wolves to even greater heights."

Nathan Shi said: "At this important and challenging moment, I look forward to working closely with all stakeholders to build a stronger future and to help Wolves reach new heights. I believe that together, as one pack, we will move forward with belief, pride, ambition and unity."

Outgoing executive chairman Shi had been a target for unhappy Wolves fans, with critics viewing him as overseeing a managed decline of the club under Fosun. He had been a target of supporters' anger for months, with long-term frustrations now boiling over as Wolves - 14 points from 17th place - stare at a return to the Championship.

Wolves host Brentford on Saturday and will be looking to avoid equalling the Premier League's worst opening winless run. If they fail to beat the Bees at Molineux they will match the longest winless start to a Premier League season of 17 games - set by Sheffield United in 2020-21.

Under the departing Shi, Wolves won promotion from the Championship in 2018 with Nuno Espirito Santo in charge of the team before having two successive seventh-placed finishes in the top flight. They also reached the quarter-finals of the Europa League in 2020 and an FA Cup semi-final in 2019.

Speaking last week, Jeff Shi said he understood fans' frustrations, with several thousand boycotting the opening 15 minutes of the 4-1 defeat by Manchester United on 8 December. "It's a very natural feeling from the fans," he said. "Five or six years ago we were at some heights, the semi-final of the FA Cup and quarter-final in Europe. "When you have reached those heights, fans don't want to let it go. I feel it myself. When you lose something like that it's a tough blow - for this I have empathy. "I'm not only a fan, I'm the CEO and chairman in the club. I have to think about how to judge the last decade in a more factual way and think about the next 10 years."

Shi spoke to BBC WM last week, alongside technical director Matt Jackson, and the pair suggested Wolves got their transfer business wrong in the summer. "Maybe we sold too many players in one window," Jeff Shi said. "You can see the squad and compare it to last season, maybe we changed 40 or 50% of the key players. "It's a task to rebuild a team but the Premier League is very tough. If you can't control the tempo and need a longer time to rebuild the team the games will punish you."

Jeff Shi's departure will appease the Wolves fans who have been calling for his sacking and blamed him for a lot of the club's problems. It will be intriguing to see on Saturday if the news will have an effect on the Molineux atmosphere, which has been one of division, with protests, abuse towards Shi and chants for Fosun to sell.

Yet, the accusation which some may level at the club is they have just swapped one Fosun staff member for another and not opened the role up externally - even if Nathan Shi is, so far, an interim replacement. Supporters are keen for a fresh start - although Fosun have no plans to sell - and while they have got their wish for Shi to leave, the fans are still eager for more change.