The club's board of directors announced on Monday that Abbas Ansarifard would replace Mostafavi, who had earlier handed in his resignation.
Ansarifard was also Persepolis' chief executive for two terms from 1990-1993 and from 2001-2002.
Mostafavi was considered the main driving force in a series of events which led to the resignation of highly popular Afshin Qotbi as the club's head coach.
Afshin Peyrovani, who replaced Qotbi, led Persepolis to the third spot in IPL.
However, two consecutive defeats in last week's games widened the gap between the Reds and their archrivals Esteqlal to seven points, raising worries that the crisis which hit the club earlier this season was about to reoccur.
