As predicted Chris Mort has stepped down as chairman of Newcastle United and will be replaced by deputy chairman Derek Llambias.
After only a year in charge, Mort is returning to work for law firm Freshfields and will be succeeded by Llambias, who joined the St James Park outfit in May, under the new title of managing director.
David Williamson and Dennis Wise will be executive directors for operations and football respectively.
Mort became chairman in the summer of 2007 and held the responsibility for balancing the books following the departure of former chairman Freddie Shepherd as well as overseeing the transition to new manager Kevin Keegan.
Llambias is a long-term associate of Newcastle owner Mike Ashley and has a strong business and retail background.