Marco Pavignani has been named new president of Bologna.
Massimo Zanetti and director Luca Baraldi handed in their shock resignations on Friday. The club had only been taken over from previous owner Sergio Porcedda over the Christmas break.
"I note that my colleagues and I are not able to perform in a manner as satisfactorily as Bologna deserves," read Zanetti's statement.
Bologna have already moved to elect a new President, Marconi Plastics owner Pavignani, who holds 5 per cent of the club shares.
"The choice simply went down to me because I was the Vice-President," he said.