Manchester United chief executive David Gill is to step down from his role at the club following the completion of the 2012/13 season.
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Gill joined United in 1997 as finance director, and has served the Red Devils in his current capacity since 2003, overseeing one of the most prosperous eras in the club's history.
He admitted the decision was taken with a heavy heart, but felt the time was right to hand the reigns over following his successful tenure at Old Trafford.
"It has been the greatest privilege to serve Manchester United for 16 wonderful years - the last 10 of which as its chief executive," Gill told the club's official website.
"I have worked alongside the finest manager in the history of the game and been part of what I consider to be the best club in the best sport in the world.
"It has been a very hard decision because I love this club and, as the fans' banner says, it is, 'more than a religion'.
"However, I have always been conscious of the fact that, as a member of staff, I was always just a temporary custodian of this marvellous institution. I am also of the view that all businesses need to refresh themselves with new management and ideas and after 10 years in charge I believe it is appropriate for someone new to pick up the baton."
United manager Sir Alex Ferguson had nothing but praise for his outgoing boss, citing his loyalty to the club as one of his finest traits.
"I have been at United for over 26 years and for 23 of those years my boss has been one of only two men: Martin Edwards, who brought me to the club, and David Gill. I have enjoyed working with both," he said.
"David has been a magnificent chief executive. Of course, we have had a million arguments, but I have always enjoyed them because I know that David has two great qualities: he is straight and he always puts Manchester United first.
"No disagreement is ever personal with him. He always wants the best for United, whether it's the players, the training ground or the staff."
Gill will continue his relationship with United as he takes up a new director's role at the club.
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