Sir David Murray today announced he is to step down as a Board Director and Chairman of Rangers Football Club.
He will be succeeded as chairman of the club by Alastair Johnston (61), a director of the club for the last five years.
Murray said: "For the last 20 years I have been actively involved in the club on an almost daily basis and I think that now is the right time to take a step back.
"I have said many times that being the chairman of Rangers is not something anyone should do forever and I have personal and business interests outside the club I would like to pursue.
"As things stand, I remain the majority shareholder at the club and will always have the best interests of Rangers at heart but it is time to pass on the chairman's baton."
Murray continued: "For me personally, it has been a tremendous honour and privilege to serve as chairman of Rangers.
"There have been so many great moments to savour and it is particularly gratifying to step down when the club are reigning SPL champions, Scottish Cup holders and about to embark on another exciting journey in the UEFA Champions League.
"The club has the governance and management in place, both in footballing and business terms, to deliver further success in the future and Rangers can go forward with confidence.
"I would also like to salute the countless Rangers fans around the world who have shown unwavering support for the club, week in week out.
"They are the lifeblood of Rangers and many clubs would dearly like to have such a great support.
"I am delighted that Alastair Johnston has accepted the chairmanship. He is an internationally renowned and respected businessman and will be an excellent servant to the club."
Following Murray's announcement today, the Ibrox board said it was considering proposals to formally recognise his outstanding contribution to Rangers.
Glasgow-born Johnston is a graduate of the University of Strathclyde and vice-Chairman and member of the Board of Directors of IMG, the leading international sports and entertainment group.
He is a lifelong Rangers fan and became a director of the club in February 2004.
He said: "David richly deserves his place in the Rangers history as one of the club's greatest chairmen and his passion has burned brightly for 20 years.
"He invested heavily in the club but has also demonstrated enormous personal commitment at all times.
"On behalf of all Rangers supporters I wish him the very best for the future.
"I consider it a great honour to be appointed chairman of the club and can say to our supporters that the board, management and staff will spare no effort in striving to ensure that Rangers Football Club enjoys a successful future."Reuse content