The Priory Federation of Academies Trust said a number of senior trustees will leave the board and be replaced by new members recruited from the local business, financial, legal and educational communities.
The news comes after the federation approved a 25-point action plan following a damning report from the Education Funding Agency (EFA) which found inappropriate spending from former CEO Richard Gilliland.
Councillor Christine Talbot, a trustee at the Priory Federation of Academies, was the first to resign from her position following the financial scandal.
She said she was not satisfied with the federation’s action plan and her recommendations were not accepted in full for the action plan approved last night.
It is now expected that up to seven other trustees would resign.
Federation Chairman Terry Coffey said: “We are actually going to go far above and beyond what has been required of us by the EFA.
“This action plan will deliver best practice across the Trust and allow the public to see how their money is being spent.
“The federation did make mistakes in the past and we again apologise unreservedly for that.
“However, the trust now has an opportunity to make a fresh start and over the coming weeks we will be working with staff, students, parents and the local community on measures which we hope will start to restore our good name.”