The new crest, which featured the headless torso of a man with his right fist placed against the heart, is set to mark the club's centenary and be used from next season.
The English second-tier club initially defended their design in the face of widespread ridicule on social media but managing director Angus Kinnear said on Thursday that the passionate reaction of the club's supporters had prompted a rethink.
"We need to reopen the consultation process," Kinnear told BBC Radio Leeds. "Because the direction is so distinctive and breaks with a lot of conventions, that consultation process hasn't gone deep enough.
"I genuinely feel excited about the passion of Leeds fans. It's slightly unfortunate it's been demonstrated in this way but it reinforces what a big fanbase we are.
"Transparency has been at the heart of everything we do. We're not going to hide. We're big enough to take the feedback and engage with supporters and they should trust us to do the right thing."
Leeds, who are 10th in the Championship, are fallen giants of the English game, having won the top-flight title three times as well as the FA Cup and League Cup.
(Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Toby Davis)
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