Sir David Murray, the chairman of Scottish soccer giants Rangers, has resigned, and will be replaced by club director Alastair Johnston. Murray will remain the club's majority shareholder.
"For the last 20 years I have been actively involved in the club on an almost daily basis and I think that now is the right time to take a step back," he said.
"I have said many times that being the chairman of Rangers is not something anyone should do forever and I have personal and business interests outside the club I would like to pursue. As things stand, I remain the majority shareholder at the club and will always have the best interests of Rangers at heart – but it is time to pass on the chairman's baton."
"For me personally it has been a tremendous honour and privilege to serve as chairman of Rangers. There have been so many great moments to savour and it is particularly gratifying to step down when the club are reigning SPL champions, Scottish Cup holders and about to embark on another exciting journey in the Champions League.
"The club has the governance and management in place, both in footballing and business terms, to deliver further success in the future and Rangers can go forward with confidence. I would also like to salute the countless Rangers fans around the world who have shown unwavering support for the club, week in week out.
"I am delighted that Alastair Johnston has accepted the chairmanship. He is an internationally renowned and respected businessman and will be an excellent servant to the club."
Following Murray's announcement, the club's board is considering proposals to formally recognise his longstanding contribution to the Rangers.