Ian Ayre will stand down as Liverpool chief executive next year, the club has confirmed.
Ayre, 52, arrived at Anfield as the Reds’ commercial director in 2007 before being promoted to the club’s CEO following the arrival of current owners Fenway Sports Group.
But the Kirkdale-born executive will now relinquish control when his current contract expires at the end of the 2016-17 campaign.
He said: “If becoming chief executive of Liverpool Football Club was the greatest honour of my professional life, then deciding to step down at the end of my current contract is by far the most difficult.
“Having the privilege to lead this great club comes with huge responsibility and challenge but one which I have relished and I feel proud of my achievements in the role.
“I believe the end of next season is the right time to pass the CEO baton on to a new person, who will take on the challenges and opportunities with a fresh enthusiasm and vigour.
“They will do so supported by what I believe to be the best ownership group in world sport and by a truly excellent team of staff throughout the football club.
“The driving principle behind every decision I have taken during my time here has been to do the best for the long-term stability and health of this great football club.
“In the remaining 15 months I have as CEO, I will continue to provide FSG, Jurgen [Klopp], the players and all the brilliant staff at Liverpool ongoing strategic leadership and a smooth transition.”
Ayre resisted pleas from FSG to stay on, as the Americans prepare to identify his successor in due course.
“Ian advised us of his intention to step down as CEO a few months ago,” revealed a statement.
“We asked him on several occasions to take some time to reconsider his decision, but have been unable to convince him to remain as CEO beyond May 2017. We will at some point in the near future begin identifying and recruiting a worthy successor to continue to build on the outstanding foundations which have been laid by Ian.
“Under his leadership, we have seen Liverpool transform from a club that was on the brink of bankruptcy, to one which today enjoys strong financial and operational health.
“Stability is a commodity often under-valued in sporting organisations, but it has been a fundamental hallmark of Ian’s time in charge. Liverpool will reap the benefits of his outstanding work for many years to come.
“We have always found Ian to be dedicated, honest, passionate and committed to doing the right thing for the long-term interests of the football club. These fit with our own values as owners and we owe him greatly for the personal sacrifices he has made for the club.
“It is typical of the person he is, once again, Ian is putting the club ahead of his own interest in wanting to announce his decision 15 months before he steps down. This now provides us with plenty of time and space to find a suitable successor.”