Croydon LBC will be run by a directly-elected mayor after the vast majority of voters backed the move in a referendum.
In the referendum, 47,165 voters said they wanted the council to adopt a directly-elected mayoral model, with only 11,519 voters backing the current leader and cabinet model.
A non-statutory rapid review earlier this year uncovered 'significant failings in the leadership and management' at the council.
It followed the council being forced to issue a second Section 114 notice, having failed to balance its budget.
As a result, the Government was forced to provide the council with a £120m bailout in March.
The current system will remain in place until May, when residents will vote for a directly-elected mayor who will lead the council.
