Gnanalingam is a member of Tune Group, which owns 66 per cent of the London club.
He will now play a more prominent role in the day-to-day running of the Hoops, working with new CEO Lee Hoos and director of football Les Ferdinand.
Speaking on the club's official website, www.qpr.co.uk, Gnanalingam said: "I have come on board in a more hands-on role to provide Tony with support across various areas of the club
"Working as co-chairmen allows us to commit more time to QPR both individually and as a collective unit, making decisions together whilst focusing on our specific duties.
"We are fully aware of the rebuilding task that is required at the club
It will take time, but - as a group of shareholders - we remain 100 per cent committed to QPR.
"I am excited and confident about how this relationship will work, as we look to get the club back on a sound footing.
"I am eager to just get down to work
The time for talking will come later."
Fernandes said: "I'm really pleased with the new set-up and confident our individual strengths will enable us to dovetail efficiently in the best interests of the club, providing effective leadership to Lee and Les.
"We know we have a lot of work to do in terms of re-establishing the traditions of QPR, but with two of us working at closer quarters with the senior management team that we have in place at the club, we believe we can create a positive future in the short, medium and long term."
Source : PA
Source: PA