Peter Hill-Wood is recuperating in hospital. The 76-year-old was taken ill on Friday and an Arsenal statement said he "is recovering after suffering a heart attack, following a bout of pneumonia".
The Gunners added: "Peter is currently being treated in hospital. He is making a good recovery.
"The club wishes Peter a full and speedy return to health and our thoughts are with him and his family."
Meanwhile, Arsenne Wenger has come out defiantly saying:
"We are in this job to turn things around, and I am confident we will [because of] the quality of the players and the spirit we have," said Wenger.
"I believe it is a good chance to stick together and show we're a strong club."
Swansea won Saturday's game at the Emirates courtesy of two late Michu goals and Arsenal were booed off the pitch at the end.
"The quality of our game was not there," added Wenger, whose team have now picked up just six points from the last 18 available.
"It was a bit frustrating because we lacked a bit of decisiveness and creativity. Swansea were more creative, more sharp. It is very frustrating, but it is the truth."