Amid much speculation, the Bantams have confirmed that Rahic - subject of widespread criticism from the club’s supporters during this year - has now departed the Valley Parade outfit and Julian Rhodes will operate as interim chief executive until the end of the current season.
The move follows talks between Rahic and City’s majority shareholder, Stefan Rupp.
And Rupp is urging everyone connected with the Bantams to now come together and has pledged to do all he can to erase the ‘dreadful memories’ of the past 12 months.
On a statement on the club website, Rupp commented: “The time for change has come and this marks the beginning of a new chapter for the club.
“The people of Bradford deserve much, much better.
“I will do everything in my power to wash away the dreadful memories of the last 12 months and consign them to the history books for good.
“I have invested significantly in the club over the past two seasons and will continue to do so.
“David Hopkin has begun to turn our on-field fortunes around and he and the players need your support to help us in the hugely-challenging weeks and months ahead.
“I am pleased to have Julian on board and he will continue to play a key role in getting us back on track.
“It is time for us, our supporters, partners, staff and players to push forward - together.”