AC Milan, the Italian soccer giants, have announced that Ivan Gazidis will step down as the club’s chief executive next month (December).

He will depart when his contract with the Serie A side expires on December 5.

Gazidis joined Milan in December 2018 and has been credited with leading the club “through a period of growth and modernization both on and off the pitch.”

During his tenure, Milan won their first Serie A title in over a decade last season.

Gazidis will leave the club following the takeover by US-based private equity firm RedBird Capital Partners in June.

He joined Milan from English Premier League outfit Arsenal having been appointed by the club’s previous owners, the US hedge fund Elliott Management.

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Prior to joining Arsenal in 2009, Gazidis spent 14 years at North America’s Major League Soccer, latterly as deputy commissioner.

Milan said Gazidis will remain “fully operational in his role as chief executive until his departure date” and will make an announcement regarding his successor in due course.

Paolo Scaroni, AC Milan chairman, said: "On behalf of everyone associated with AC Milan, I would like to say a heartfelt thank you to Ivan for his passion and dedication, as well as the significant contribution he has made to the health and success of this football club.

“As I said during our recent shareholders' meeting, it is very easy to be the chairman of an organization that has a chief executive of the quality of Ivan Gazidis."

Gazidis added: "If the club is in a better position now than when I arrived, it is entirely due to the work of those I have been surrounded with. I have no doubt that this foundation and the people we have in place in every position will take the club to new levels in the years ahead."