Furneaux has stood as Town chairman for over 10 years in two spells, first in the early 90's with his second spell starting three years ago following the removal of the Bryan Huxford regime.
Often the target of the fans abuse, Furneaux spent the majority of his last three years cutting the clubs cloth accordingly after the mis-management of finances in previous years.
His methods were often unpopular as he bid to rid the club of high earners such as Danny Coyne and Phil Jevons. The costcutting also saw two successive relegations. Furneaux will remain on the clubs board of directors.
Speaking to the official site Furneaux spoke of his decision to step aside. "I feel it is the right time to step down. We have a new manager and it's a new season, and I am stepping aside from the job which I have been doing for a long time," he said.
Furneaux steps down - Fenty's the new chairman
"It has been a privilege to have been the chairman of this very old football club."
Fenty spoke with a positive outlook after his voting in as chairman, with the future the key aspect of his thoughts - both on and off the field.
"Grimsby is the place where I was born. I understand and relish the challenge that faces us at this football club. We need to find new ways of reaching into the community and bringing extra support. Grimsby Town represents Grimsby, Cleethorpes and the surrounding areas and it brings a focus to the community, particularly when things are going well.
Fenty spoke with a positive outlook after his voting in as chairman, with the future the key aspect of his thoughts - both on and off the field.
"Grimsby is the place where I was born. I understand and relish the challenge that faces us at this football club. We need to find new ways of reaching into the community and bringing extra support. Grimsby Town represents Grimsby, Cleethorpes and the surrounding areas and it brings a focus to the community, particularly when things are going well.
"As a football club we need to market and shape our operation more effectively.
"There are more supporters out there - the evidence is Wembley a few years ago.
"Successive relegations and the loss of TV money has made the club's finances very difficult."