Arsenal's travelling supporters aimed their anger at chief executive Ivan Gazidis during Saturday's 2-1 defeat at Manchester United, a result which leaves Arsene Wenger's side nine points behind their opponents after just 10 games.
Protest group 'Where Has Our Arsenal Gone?' are planning a march before the game against Swansea on December 1 where they will demand Hill-Wood is removed from the board.
They also want minority shareholder Alisher Usmanov to be given a seat on the board, questions to be asked about who purchases players and changes to the club's ticketing policy and support safe standing.
"We've been sold the future for five years now, that tomorrow we'll arrive at the promised land," said Marc Harold from Where has our Arsenal gone?
"(They said) the young team will mature & become world beaters (ignoring the fact we sell off our best players anyway) and now it's "wait for FFP and 2014".
"All the while the Board meanders along, not doing its job of managing our manager, and the focus is purely on the balance sheet - not the fact that we're a football club.
"We have done this before (at the end of the 2010/11 season) and the turnout was a few hundred. I would safely say that number will be quite a bit bigger this time around.
"We aren't labelling it as a protest march, although we are demanding changes at Boardroom level for the benefit of our club.
"The current Board has lost focus, is complacent and insular, feeling all is rosy at Arsenal when it most certainly isn't."