Chelsea chairman Bruce Buck is to step down from his role on 30 June.
The 76-year-old American, who had been chairman since Roman Abramovich became owner in 2003, will continue to support the club as a “senior adviser”.
It had been thought that Buck would remain chairman after a consortium led by American investor Todd Boehly completed its takeover in May.
“Now is the right time to step down and let new ownership build on the strong foundations we have in place,” he said.
READ ALSO:West Ham complete £30m Nayef Aguerd deal
“The owners have a compelling vision for Chelsea’s future, and I look forward to helping them achieve it in this new role alongside our incredible staff, players, coaches and supporters.”
During Buck’s chairmanship, Chelsea claimed 18 major honours and the women’s team won 12.
“I am proud to have helped Chelsea realise great success on the pitch and make a positive impact in the community,” he added.
Co-owner Boehly said that Buck had “led Chelsea Football Club to the highest levels of international and domestic football” and thanked him for “his service and his commitment to the club”.