Liverpool have appointed Christian Purslow as managing director with the brief of taking overall management of the club until a new chief executive is in place.
Purslow will represent owners George Gillett and Tom Hicks and liaise with manager Rafael Benitez on his summer transfer dealings.
Gillett told the club's official website, www.liverpoolfc.tv: "Tom and I felt that it was important to put a highly experienced and respected executive in place to run the club and support the senior team and the manager."
He added: "There's a lot to get done over the summer to build on the great season we just had and Christian will be a valuable addition to the team."
Hicks added: "Christian has been a great supporter of the club for many years and he's already built up good relationships at Anfield.
"His strategic and commercial acumen will be a real asset and we're delighted that he has made a long term commitment to the club."
Forty-five-year-old Purslow, a long-time season ticket holder at Anfield, is also an executive board member and co-founder of private equity firm MidOcean Partners.
A fluent Spanish speaker, Purslow possesses an MBA from Harvard Business School.
He will become a board director when the club find a replacement for outgoing chief executive Rick Parry.