Melbourne board member Glen Bartlett has been appointed as the club's new president after a meeting on Friday.
The 49-year-old joined the board in July and will assume the presidency from Peter Spargo, who was in charge after Don McLardy quit in June.
In a statement, the Demons said Bartlett had the support of the AFL, who continue to assist the struggling club.
"It is a privilege and, indeed, an honour to be appointed president of the Melbourne Football Club," Bartlett said.
"I acknowledge the responsibility attached to this position and, of course, the challenge that comes with such an appointment. I would like to thank the board and the AFL for their support and faith in me.
"I am excited about the challenge and am looking forward to working with all of the club's stakeholders to make the Melbourne Football Club strong and successful."
Bartlett has been a managing partner at Australian law firm Clayton Utz and played four games for West Coast in 1987.
AFL general counsel Andrew Dillon, who represents the league on a sub-committee formed to select new board members at Melbourne, welcomed the appointment of Bartlett.
"Glen Bartlett is very well credentialed in both a football and business sense, and has the support of the AFL in leading the Melbourne Football Club board as it moves to take the club into an era of sustained competitiveness and success," Dillon said.
"Glen's extensive experience with football in Western Australia and his passion for the Melbourne Football Club, combined with an impressive legal career, means he has the right skills and insights to lead the Demons at this critical time.
"The AFL is confident Glen is well placed to work closely and enthusiastically with CEO Peter Jackson to drive the necessary reforms across the club."