The 47-year-old was part of the Sports Shield consortium which took control of the Trotters in March and had acted as the League One side's chief executive.
Holdsworth was moved to the position of director of football on 28 June.
The former striker, who spent six years at Bolton between 1997 and 2003, will remain as a shareholder at the club.
Dean Holdsworth has left his position as Bolton Wanderers' director of football after less than a month in the role, the club have confirmed.