Arsenal CEO Ivan Gazidis to Join AC Milan, Gunners Name New Club Leaders

Arsenal have officially announced CEO Ivan Gazidis will join Serie A club AC Milan and named Raul Sanllehi and Vinai Venkatesham as his replacements. They will become head of football and managing director, respectively.

The club released a statement to confirm the news on Tuesday. As Rob Harris of the Associated Press shared, Gazidis will leave his position on October 31:

In the statement, Josh Kroenke said it had been a "pleasure" working with Gazidis all these years:

"It has been a pleasure working with Ivan. We will miss the wisdom, insight and energy he brought to our club on a daily basis over the past decade. We are confident we have outstanding people in Raul and Vinai, and we look forward to working with them and coach Unai Emery to continue to move the club forward on and off the pitch."

Gazidis also looked back on his time with the club:

"For the last 10 years, I have been privileged to dedicate myself to this great club. Arsenal is entering a new chapter, and I have done everything I can to ensure that it is strongly placed to take on that challenge. This includes world-class facilities and outstanding leaders in every sector who carry the values of the club, including, of course, Unai Emery, Raul Sanllehi and Vinai Venkatesham, in whom I have enormous faith."

Per Milan's official statement, he will start in his new position on December 1:

The 54-year-old had been CEO of the club since 2008 and played a key role in the transition from Arsene Wenger to current manager Unai Emery.

His move to the Italian fashion capital comes as no surprise, as he's been linked with the job for some time now. According to the Telegraph's Matt Law, Milan's offer increased his wages by more than £1 million per year.

According to Law, it was Gazidis who picked Emery, highlighting just how big his influence at the club was. The report also stated he feared the Gunners would not have the budget to compete with the Premier League's elite clubs.

As the Associated Press reported (h/t Sportsnet), Elliott Management took control of Milan earlier this year and immediately promised a $66 million cash injection. The Rossoneri had a busy summer of their own, with Gonzalo Higuain and Mattia Caldara arriving from Juventus.

Despite all of their recent struggles, Milan remain a huge name in European football. They have won more European Cups and Champions League titles than any club save Real Madrid.