John Reid, who was the government's Mr Fixit for Tony Blair, is to replace Brian Quinn as chairman of Celtic.
Mr Quinn will step down at the annual meeting at the end of November. Mr Reid, who will retire as MP for Airdrie and Shotts at the end of this parliament, will join the board next month as non-executive director before becoming chairman.
He will be joined on the board by Ian Livingston, 43, chief executive of BT Retail and an executive director of BT Group.
Mr Quinn, who will be 71 in November, said last night: "I felt that the time was right to pass on the baton. I am therefore delighted that, in John Reid, we have a man with the club's best interests at heart."
Mr Quinn, a former deputy governor of the Bank of England, has presided over a golden period in the club's history. Under his chairmanship, the club lifted five Scottish Premier League titles, four Scottish Cups, three league cups and reached the Uefa Cup final in Seville in 2003. The club also recently announced record profits of £15m before tax.
Mr Quinn praised major shareholder Dermot Desmond and Peter Lawwell, chief executive, for helping the club "to deliver so impressively off the field".
Mr Reid said: "Like every schoolboy who supported Celtic, I always dreamed of pulling on the hoops and scoring at Celtic Park. I never made it as a player, but this is the next best thing.
"Brian has left a proud legacy of sporting and financial success that stands comparison with anyone's and I am looking forward to continuing those traditions."
Mr Lawwell, who will continue to be responsible for running the company, last night said of Mr Quinn: "He rightly takes his place on the list of great leaders of this club."
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