The West Indies Cricket Board (WICB) has changed its name and created an entity to handle its commercial aspects, in an attempt to make the organisation profitable.
There has been no formal announcement on the matter yet, but WICB President Dave Cameron told the Guardian newspaper on Saturday that the board will now be called as Cricket West Indies.
He added that an entity named Windies has been created to handle the commercial aspects of the operation.
"At this point in time we are no longer called the West Indies Cricket Board (WICB) but Cricket West Indies and we have also formed a company to deal with the commercial matters of West Indies cricket and this is called Windies," Cameron said.
"We continue to explore ways to take West Indies cricket forward and this rebranding is necessary as we move along."
"I am a businessman, so I understand what it takes to make it successful. One thing you need to understand is that sport is a business and we at Cricket West Indies are like a government," he added.
"We need to manage the affairs of the sport not only in terms of improving the performances of our various teams, but also the financial aspect in order to gather what we all want, which is success."
Cameron, whose last two years in charge of WICB have been mired in controversies, has faced pressure in recent times to scrap the body known as the WICB and replace it with a new entity.
The board has been blasted as having an "obsolete governance framework" which did not "prioritise accountability and transparency".
In response, the board argued no facts can be produced by anyone that the WICB is not transparent or profitable.
Cameron, who has remained unmoved in the face of the heavy criticism, said the governing body would continue to make necessary changes to remain relevant.
"We want to do things right and do it in a way that would keep us up to date with the changing face of sport management," he said.
"Every day the world of sports management and administration is changing, and you need to keep up with this or face serious problems. We at the Cricket West Indies is ready for the challenge and we will be successful."
(With inputs from IANS)