Former Kilmarnock chairman Michael Johnston is no longer a shareholder at the club after transferring almost 2m shares to director Billy Bowie.
Johnston, who left in 2017 after being chair for 10 years, has moved 1,961,699 shares.
He has also transferred his stake in the Park Hotel, situated adjacent to Rugby Park, to Bowie.
"Billy Bowie has also converted £76,502 of his shareholder loan into equity," said a Kilmarnock statement.
The club director, who now owns 4,000,000 shares in the club, also holds 1,000,000 shares in the Park Hotel, with the club owning the remaining 20,000.