Collingwood's board will see it's biggest change under Eddie McGuire's presidency, with two directors leaving and two new faces joining, including one former player.

Long-serving board member Ian McMullin has stepped down, while Olympic gold medallist Alisa Camplin has also stepped away from her role, according to The Age.

Former midfielder Paul Licuria will join the board alongside Jodie Sizer, who becomes the first Indigenous woman on an AFL board.

Sizer is currently a partner at PricewaterhouseCoopers (PwC).

The changes were made following a review of the club's hierarchy by acting CEO Peter Murphy.

Murphy oversaw a review of Collingwood's entire club, looking at not only the board, but also the football department (both men's and women's) and the administration. 

His review suggested the board should make up to three changes, with Licuria and Sizer the only two nominations for the board.

Mark Anderson is set to continue the change next month, when the former Swimming Australia boss set to take up Gary Pert's vacant CEO job.