King, who joined the board of directors nearly nine years ago, will stand down from his role with immediate effect.
A club statement read: “A Rovers fan for some 40 years, Rod was a successful local business man who had helped the club out, financially, prior to joining the board and made a substantial investment on becoming a director.
“Rod has worked hard, without fuss, behind the scenes in trying to help the club move forward. He has always maintained a low profile.
“Rod will be missed and the board of directors and everyone connected with Bristol Rovers Football Club would like to take this opportunity to thank him for the work he has undertaken on behalf of the club and wish him well for the future.”
King said on his appointment to the board in October 2006: “I am not a high-profile person and I will certainly not be airing my views through the media, as I believe my energies will best be spent helping to develop the club, both on and off the field.”
Rovers won promotion back to the Football League at the first attempt in May following their play-off final penalty shootout win against Grimsby at Wembley.