CLUB director Peter Spargo will steer the ship while Melbourne searches for a new CEO, Demons president Jim Stynes said on Wednesday.

Confirming the decision to sack high-profile sports administrator Paul McNamee, who had spent just three months in the role, Stynes thanked McNamee for his work, saying the club was undergoing a "thorough review" of all aspects of its business.

Spargo, who has oil interests and is involved in property development, will serve as interim CEO.

Stynes' full statement:

“Following yesterday’s board meeting, Paul McNamee’s employment at the Melbourne Football Club has been terminated. This termination is effective immediately.

“Paul was appointed by the previous board of directors, based on their vision and direction for the club. Since the appointment of the new board, we are conducting a thorough review of all aspects of the club's business. After extensive discussions with Paul, we have determined that a new CEO will be required to execute this board’s plans to take our club into the future.

“I would like to take this opportunity to thank Paul for his work over the last three months, particularly with regard to our plans for the Casey region, and our ongoing efforts to strengthen ties with the MCC.

“In the immediate future, club director Peter Spargo will act as interim CEO. Peter has been a board member since March 2008. Outside his involvement with the club, Peter is the managing director and owner of family companies associated with the oil industry, and is also involved in property development.

“The club will now commence the search for a new CEO.”