AC Milan have announced that they have elected a new board at a shareholder meeting, also confirming that CEO Marco Fassone has left the club with immediate effect.
I Rossoneri recently ousted president Li Yonghong which saw Elliott management assume full control of the club. The club were in the news again recently as they were previously banned from European competition following a breach of UEFA's Financial Fair Play regulations - only for that ban to get lifted earlier this week.
Keen to signal the 'dawn of a new era' at the club, Milan announced on their official club website that they have elected a brand new board ahead of the new season.
Fassone will be replaced by existing board member Paolo Scaroni has been elected executive chairman and will oversee the management of the club on an interim basis, before the appointment of a new CEO.
Milan have also claimed that a permanent CEO has been selected and that an announcement will be made in due course.
The board will be looking to review business plans for the club to help them plan a path back into the Champions League - something they have been unable to do since the 2013/14 season.
They will also review a new budget for the club and aim to strengthen the competitiveness of the team, in compliance with UEFA Financial Fair Play regulations.
Elliott management are also said keen to bring in former Milan player and former Inter manager Leonardo Araújo as a technical director at the San Siro. According to Italian journalist Gianluca Di Marzio a deal for Leonardo is just around the corner too, and could be announced soon.