Manchester United (NYSE:MANU) CEO David Gill is to leave his post, the team announced. Gill will relinquish his position on June 30, after which current Executive Vice Chairman Ed Woodward will replace him. Although he is no longer to be CEO, Gill will stay on with the company as a director.

He has been CEO for nearly 10 years, advancing to the job in September 2003. He joined the club in early 1997 in the position of finance director.

In the press release announcing the move, Manchester United quoted Gill as saying that he was "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."