Dave Cormack will become Chairman of Aberdeen Football Club which is expected to be confirmed later this evening, with a press conference due tomorrow morning.
Stewart Milne will remain on the Board for an interim period however, despite rumours, Dave Cormack will not be buying out Stewart Milne from the club but securing shares from Milne as part of the deal.
Also, despite rumours of the club staying at Pittodrie, the Kingsford Stadium will proceed as planned.
Dave Cormack will bring in new investment to the Club.
As president and CEO of software company – Brightree, Dave led the phenomenal growth and subsequent sale of the business to New York Stock Exchange listed company ResMed for $800 million. He is currently a board director of WebPT, and invests in software companies alongside Boston-based Battery Ventures. He and his wife, Fiona, also from Aberdeen, founded the Cormack Family Foundation, a charitable trust which works with a range of charities and initiatives largely in support of young people and children around the world.
Stewart Milne joined the board of Aberdeen in 1994 and became chairman and major shareholder four years later.