Eight new trustees have joined the board of the Priory Federation of Academies Trust, in Lincoln.
The previous trustees had faced calls to stand down in May this year after a Government report revealed how they failed to control financial mismanagement.
A raft of financial failings by the academies' former chief executive Richard Gilliland and former financial director Steve Davies were revealed and laid bare
how they had used trust money to help fund their lavish lifestyles.
Five of the former trustees retired at the end of their four-year terms and two others quit due to family commitments.
The new members include specialists in finance, law, education and business but Lincolnshire County Council's trustee is yet to be nominated and appointed.
A press release from the trust states the new board will "build on the policies, procedures and practices put into place during the last six months of intenseve work between the trust and the Education Funding Agnecy".
Chairman Terry Coffey, who served on the board since 2008 while chairman of governors at The Priory Academy LSST, announced his retirement and said he left the trust on the soundest possible footing for the future.
"I have worked exceptionally hard with senior colleagues over the last few months to help steer the Federation through a very difficult period," he said.
"I was tasked by the DfE with creating an accountable, effective and fully functioning organisation which was capable of delivering the highest standards and the best practice.
"I have done exactly that and I am now proud to hand over, as I had always intended, to the next generation. There are some very talented people on board and I have no doubt the Trust will continue to go from strength to strength."
Mr Coffey, in a letter to parents last week, had reported the EFA's announcement that its investigation was now closed.
New chairman Howard Gee and vice-chairman Kate Hindmarch were both elected unopposed.
"I am delighted to have the opportunity to lead the new board of trustees into the next phase of our development," said Mr Gee, one of three trustees to have also held a place on the previous board.
"The new board brings an impressive range of skills and expertise that will allow us both to support and challenge the academies' work to ensure that our students achieve their full potential."