Bruce Buck is stepping down as chairman of Chelsea after almost 20 years in the role as announced by the London based c club.
The American, who will leave his post at the end of June, will however, continue to be involved in the club as a senior advisor.
This follows the completion of the Todd Boehly-led consortium’s takeover of Chelsea at the end of May.
Buck has been chairman since 2003 after playing a key role in previous owner Roman Abramovich’s acquisition of the club and has overseen huge success on the pitch for both the men’s and women’s teams and major development of it.
“I am proud to have helped Chelsea realise great success on the pitch and make a positive impact in the community,” said Buck. “Now is the right time to step down and let new ownership build on the strong foundations we have in place.”
Boehly said: “Bruce has led Chelsea Football Club to the highest levels of international and domestic football, while also developing one of the most active social responsibility projects in sport. We thank Bruce for his service and his commitment to the club.”
During his time at the helm, which has also seen the club’s women’s side land 12 pieces of silverware, while Chelsea have become a “one of the world’s elite football clubs and a globally recognized brand followed by millions”.