Walter Smith, Chairman of Rangers, said: "Both Malcolm and Phil have made important and valuable contributions to the Club.
"The last year has presented the Club with a number of challenges and it has been beneficial to have two highly experienced non-executive directors such as Malcolm and Phil offering assistance.
"On behalf of the board I would like to thank them for their considerable efforts in helping to rebuild Rangers.
"Both men have other significant business interests and we wish them well in their future endeavours."
Copyright 2014. Permission to use quotations from this article online is only granted subject to appropriate source credit and hyperlink to www.rangers.co.uk