Long-term Brisbane Broncos servant Bruno Cullen stepped down as chairman of the club's Red Hill leagues club at Thursday night's annual general meeting following the release of an annual report that admitted governance failings over $300,000 of unapproved spending by former football manager Andrew Gee.

Cullen told members he was retiring consistent with a two-year-old succession plan, while others speculated he was a casualty of a palace revolt over poor governance practices at the licensed club.

Bowing out: Bruno Cullen. Credit:Anna Warr

A former chairman of the Broncos NRL club, Lawry Brindle, is the new leagues club chair, while Tony Joseph, another long-term Wayne Bennett supporter and Broncos director, joins the board of the licensed club.

The exit of Cullen and the ascension of Brindle and Joseph are perceived to be a victory for Bennett, whose exit from the Broncos six years ago was partly because of a falling-out with Cullen.