The entire board faced a no confidence vote at next month's SGM which had been called following a petition raised by disgruntled members who also wanted to hear why chief executive David Smith resigned in June.
But a comprise between the board and the petitioners has led to the SGM cancelled in return for all five directors agreeing to stand down at the annual meeting which is likely to be held in mid-February.
The directors may decide to stand for re-election but alternative candidates for the board are expected to come forward.
"The petitioners feel that, in view of the board's willingness to compromise, the cancellation of the SGM is in the best interests of the club and will allow the club to move forward," said the petitioners in a statement.
Meanwhile Leicestershire have appointed former county batsman Paul Haywood as their new chairman as successor to Neil Davidson who stepped down last week after failing to persuade captain Matthew Hoggard to withdraw a letter to the board calling for him to stand down.
Haywood tendered his resignation last month when the board gave Davidson a vote of confidence but was re-instated as a director following Davidson's departure.
Mike Siddall, who has been acting chief executive since Smith resigned, has been appointed to the post on a permanent basis.
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