Hamburg members have elected Bernd Hoffmann as president, with the 55-year-old returning to the post he previously held between 2003 and 2011.
Hoffmann took the seat from Jens Maier by 585 votes to 560 votes and made it clear that changes could be made to the struggling club's hierarchy.
"We can't have more of the same -- we need a turnaround," he told the 1,159 Hamburg members with voting rights on Sunday.
However, after the vote chants of "Hoffmann out" could be heard, illustrating the divide within the club.
Speaking to reporters, Hoffmann said being Hamburg president was "a brutal task in a unforgiving competition."
He added: "We are not competitive in several parts of the club. I believe continuity is the wrong strategy. Everything must be put to the test."
On Monday, kicker reported that CEO Heribert Bruchhagen and sporting director Jens Todt were among those whose jobs could be in jeopardy.
Following several years of crisis, Hamburg's outsourced Bundesliga arm, HSV-Fussball AG, has liabilities of more than €100 million and been bankrolled in part by local billionaire Klaus-Michael Kuhne.
Things remain turbulent on the pitch, where Hamburg lost 2-1 to Bayer Leverkusen at the weekend.
With 11 games left, Hamburg are 17th in the 18-team Bundesliga and trail Mainz, who occupy the promotion/relegation playoff place, by six points.
Hamburg have played in every Bundesliga season since the league began in 1963, and a giant clock at their Volksparkstadion shows the time they have spent in the top flight.
At the weekend, a banner displayed by the club's fans read: "Before the clock is switched off, we'll chase you out of town."
Hamburg travel to local rivals Werder Bremen, who are also six points ahead of them, for the Nordderby next weekend.