The 65-year-old, who guided the club 10 league titles as manager at Ibrox, replaces the previous chairman Malcolm Murray
The 65-year-old, who has won 10 league titles as manager at Ibrox, replaces the previous chairman Malcolm Murray.
Earlier in May, a number of board members had pushed to remove Murray from his position and the Scottish club confirmed in a statement to the Stock Exchange that the change had been made.
"The Rangers International Football Club plc today announced that Walter Smith has been appointed non-executive chairman of the board," the statement read.
"Walter Smith is widely acknowledged as the club's most successful manager.
"Under his leadership, the club enjoyed two immensely productive spells and he is one of the most highly regarded figures in British football.
"He succeeds Malcolm Murray, who agreed to step down as chairman, and Walter Smith's appointment was a unanimous decision of the board.
"The board believes that the new chairman will bring stability, experience and a wealth of knowledge to the club."