Dr John Reid is to stand down as chairman of Celtic later this year, the club has confirmed.
Reid will quit the role, and that of director, after four years at the Company's annual general meeting. Ian Bankier is set to join the Board as a non-executive director and as chairman designate.
Speaking on the club's official website, Reid was confident he was leaving the club in a strong position. He said: "It has been an honour to have been chairman of this great club for the past four years."
He added: "I will always be grateful for the support, encouragement and friendship I have received from Dermot Desmond and my colleagues on the board, the management and staff and, above all, the greatest supporters any club chairman could wish. That is something I will forever value.
"We have come through a challenging period, but I believe we have come through stronger than ever. We now have in place a new, young talented managerial team led by Neil Lennon and capable of great things.
"Equally, we have recruited and shaped a new, young and talented squad whose promise for the future we have only begun to glimpse. Under Peter Lawwell's stewardship we have weathered the storm of financial recession that has so badly afflicted other clubs.
"Hopefully, we have provided impetus to the reform of our wider football institutions. Above all, throughout all of these challenges we stood together, more united than ever. Rebuilding and renewal is a continuing process on the park. And so it must also be on our Board of Directors.
"Over the past few years we have followed a policy of continually refreshing the Board with new, talented members. I believe this is now the right time to do likewise with the chairmanship, to lead us through the next stage of our development from the next AGM, and ensuring an orderly and smooth transition.
"I have great pleasure in welcoming Ian Bankier, who joins the Board as our new director and chairman designate. Chairman of Celtic is a demanding role but Ian is someone of considerable experience and achievement. He will be a formidable addition to the Board and will greatly strengthen our development over the coming years.
"For my part, I will always be grateful for the opportunity and the comradeship which I have received. I will leave the chairman's post as I joined it, a Celtic supporter first and last."
Source: PA
