Team New Zealand will not immediately replace their former chairperson Keith Turner because they say private funders should have greater oversight.
Turner has quit the America's Cup sailing team as he could no longer devote a significant amount of time to the role.
Team New Zealand's chief executive Grant Dalton says Turner's job has been demanding from a time perspective over the last 18 months, as board meetings have been called regularly during the week and at short notice.
"We thank Dr Turner for his significant contribution during his tenure and recognize the heavy demand that has been placed on both Dr Turner and the other directors" said Dalton.
He says Team New Zealand is reviewing their governance requirements for the future as they recognize that private funders should have a greater role in setting the team's direction and providing oversight of the campaign.
The Prime Minister John Key has effectively ruled out the government being a major sponsor of the team after America's Cup organisers stripped Auckland of a qualifying regatta.
Team New Zealand has filed an appeal to the America's Cup Arbitration Panel to return the event to Auckland.