Tom said he is “incredibly honoured” to have been chairman for more than three decades.
His involvement in Tiger spans 61 years, starting as a player who made 130 appearances for the club.
“It has always been about playing the role of custodian to me, ensuring this club continues long into the future for the people that Leicester Tigers means so much to,” Tom said.
“Remaining on the Board means I continue in that capacity, working with Tom Scott and all of my fellow directors.”
That list of directors now includes decorated former Tigers player and England international Leon Lloyd.
The former winger, whose 11 trophies won with the club includes their back-to-back European Champions Cup titles in 2001 and 2002, has returned to the East Midlands club as a non-executive director.
The board reshuffle comes after Tigers thrashed defending Premiership champions Northampton Saints to move up to third in the table.
The win has them well placed to challenge for the title with six games left, while they are also through to the last 16 of the European Champions Cup.
