Stewart Milne will step down from his post of Chairman at Aberdeen FC following the announcement that Dave Cormack will takeover the role following the club’s Annual General Meeting on 16 December 2019.
Milne has held the position for the last 22 years.
He will remain on the Board in a non-executive capacity.
Milne said: “For four years, we’ve been working on a succession plan. It’s been no easy task to find the right person who is willing to take on the onerous role of chairman, with responsibility for both the financial health and growth of the club.
“In bringing Dave onto the board and then appointing him vice-chairman, we viewed him as the natural successor. He qualifies on both counts.
“He is prepared to take on the commitment and has already proved his ability to secure significant new investment. Importantly, he is passionate about Aberdeen and the club.”
He added: “I have always said I would relinquish the reins when the right opportunity arose and I believe that time has now come.
“I’m proud to have had the opportunity to lead the club I love for over two decades. It’s been a real privilege but not without its challenges.
“Like the fans, I’ve shared in a rollercoaster of emotions from pure joy and exhilaration through to frustration and despair.
“We have been in a consistently healthier position for several years now and I’m pleased to be able to hand the club over to safe hands in the knowledge that we are debt-free and have more than doubled revenues from around £7.8m in 2013 to almost £16m today.
“The opening of the £12m Cormack Park represents the completion of phase one of our vision for a new home. We’ve achieved this while still increasing the first team budget to its highest level yet and continuing to invest in our youth programme.
“Our annual spend on the overall football operation now amounts to £9m.”