Serie A club, AC Milan has announced Giorgio Furlani as their new CEO, succeeding to Ivan Gazidis at the Italian giants.

Gazidis announced he was stepping away in December after four years during which he saw the club rise from fifth to Serie A champions.

Commenting on his departure, Gazidis said in a statement: “I owe so much to this club, its people, its fans and to this city that literally saved my life.”

“I have no doubt that this foundation and the people we have in place in every position will take the club to new levels in the years ahead,” he said.

Furlani, a Milan native, has served on the football club’s board of directors since 2018, a role he will step down from the role to take up his new position.

A statement from the club applauds Furlani for being integral to the club’s success under the ownership of American investment management firm, Elliot Advisors.

Commenting on his appointment, Furlani said: “I want to thank Gerry and the RedBird team for giving me the great honour of leading the club I love as it embarks on the next phase of its revival.”

“I look forward to working with chairman Scaroni, Paolo Maldini, Stefano Pioli and the rest of the club’s leadership, together, I know that we can achieve greater success, on and off the field, in the years to come,” he said.

The move follows an agreement between Elliot Advisors and RedBird Capital Partners for the latter to purchase AC Milan.