Karl-Heinz Rummenigge has signed a new contract which will keep him as the chairman of Bayern Munich's executive board for an additional two years.
Rummenigge has held this role since 2002 and his contract was set to expire at the end of 2019, but this new agreement with the Bayern Munich supervisory board will run until 31 December 2021.
Uli Hoeness, who was re-elected as chairman of the supervisory board for the next four years at Bayern's shareholders' AGM earlier this week, spoke highly of Rummenigge in the wake of this new contract.
"My colleagues on the supervisory board and I are very pleased that we’ve been able to agree an early extension to Karl-Heinz Rummenigge’s contract, now running until 31 December 2021," he said (via Bayern Munich's official website).
"Over the last 16 years, he has shown formidable quality in his position, and we’re sure that he’s the right man to successfully lead FC Bayern München AG in the coming years."
Rummenigge said: "I’d like to thank the entire supervisory board, and in particular chairman Uli Hoeness, for the confidence they’ve shown in me.
"[Since 2002], we’ve managed to establish FC Bayern as a sporting and financial power in Europe. For that, I’d like to thank all my colleagues on the board, all employees and in particular all members of the supervisory board who have undertaken this journey with us.
"Our most important task over the coming years will be to keep FC Bayern moving forward so that we remain one of the most successful clubs in European football in the future."
Rummenigge's new contract will take him into a fourth consecutive decade of service to Bayern. He has worked at the club since he was appointed as vice-president in 1991.