Magnusson will remain as the club´s non-executive chairman and the Hammers´ Icelandic owner Bjorgolfur Gudmundsson is to take a more hands-on role in the club.
Gudmundsson said: "It is now vital for our longer-term ambitions to become one of the leading clubs in England playing for honours both at home and in Europe that we strengthen the senior team at the club and build a truly professional management structure for the future."
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