The eight-member board said the move was in reaction to senior management's refusal to rehire staff members it had dismissed.
The dismissed journalists protested against Editor Yevgeny Kiselyov's management techniques and were replaced.
"We oppose this decision. We respect each one of these people and consider them public opinion leaders. Moskovskiye Novosti will no longer have a supervisory board, and all issues concerning the newspaper's policy will be considered by editors from now on," said Tatyana Blinova, Kiselyov's press secretary.
The board insisted on reinstating deputy editors Lyudmila Telen and Mikhail Shevelyov, who had been fired after a long run with the daily, and journalists who had resigned in solidarity.
Blinova said new appointments had been coordinated with the founder.
The dismissed staff protested against Kiselyov, who they said ignored their opinions as well as the newspaper's actual problems.