Liverpool have announced their new chairman will be Tom Werner, who holds a similar position with club owners New England Sports Ventures.
In a widely expected move Werner will officially start on December 1, although previous chairman Martin Broughton effectively ended his involvement after last weekend's victory over West Ham.
"I want to pay tribute to Martin Broughton and the magnificent job he has done for Liverpool FC," said NESV principal owner John Henry.
Henry, who obviously has a very close working relationship with Werner, added: "He was appointed in difficult circumstances and faced challenging times yet he always focused on doing what was in the best long-term interests of the club.
"It has been a pleasure for us to work with Martin and we wish him well in all that he does in the future.
"I am delighted that Tom has agreed to take over as chairman. It is a crucial role as we move forward and no one is better placed than Tom to take up the reins and help provide leadership and vision in the coming years."
Werner expressed his optimism that, under NESV's ownership, the club could revisit former glories.
"It is a great honour to be taking over from Martin as chairman of this great club," he said.
"We have a tremendous foundation to build on for this season and the long term.
"Our goal is to work tirelessly for our supporters and deliver the best conditions for a winning team and silverware in the trophy room."
Copyright (c) PA Sport 2009, All Rights Reserved.