Blues chairman Mike O’Leary has announced his retirement at the age of 72 with CEO Mark Ashton taking on the position in addition to his existing role.
O’Leary joined the club in April 2021 following the takeover having been the driving force behind Gamechanger 20 Ltd.
"I have thought very carefully about this for some time. I have consulted with Ed Schwartz, our major shareholder, and advised him that after three and a half years in post, I should like to step down and retire. There is no better time to do so than when the club is in such great shape,” O’Leary told the club site.
"As I approach my 72nd birthday, I know that this is the right decision. My family home is in Worcestershire, some 200 miles from Portman Road. The considerable travel involved in continuing to serve as Chairman has been taking its toll.
"Reaching the Premier League was always the dream when I became chairman in 2021, but I never dared to believe that it would happen so quickly. I have a strong sense of ‘mission accomplished’ as I prepare to say my farewells.”
Ashton, who will take on the chairmanship while maintaining his CEO role, said: "Mike is, and will always continue to be, a long-term friend. He was instrumental in the acquisition of the club, and has been an amazing support to me over many years - in particular during the past three years at Ipswich Town Football Club. I’ll be forever grateful to him for that.”
Ed Schwartz, the CEO of ORG, the US investment firm which manages funds on behalf of the Arizona Public Safety Personnel Retirement System (PSPRS), the club’s majority owner, added: "We all owe an enormous debt of gratitude to Mike. It was his tireless work that got the takeover across the line in 2021.
"He has not only been a great colleague, but also a true friend, and he knows that there will always be a very warm welcome for him at Portman Road.”
Prior to his time at Town, O’Leary was chief executive officer at West Brom, the club he supported growing up, for two years in the early 2000s and was also a director at Oxford, in addition to roles in the tech sector.