Herbert Hainer, Adidas' CEO, will become the new president and business chairman of German soccer club Bayern Munich, after the resignation of Uli Hoeness.

The full statement follows:

C Bayern München have released the following statement in response to Uli Hoeneß' decision to resign as club president and chairman of the supervisory board. Uli Hoeness has today informed the FC Bayern München AG supervisory board in a personal statement that he has relinquished his position of president of FC Bayern München eV and chairman of the FC Bayern München AG supervisory board with immediate effect.

The supervisory board accepts this with utmost regard and respect.

In a subsequent conference call, the FC Bayern München AG supervisory board resolved the following:

– Herbert Hainer (59), Adidas AG CEO and previously deputy chairman of the FC Bayern München AG supervisory board, is appointed chairman of the supervisory board, effective immediately and until further notice. This decision was unanimously approved by the supervisory board.

– Karl Hopfner (61), FC Bayern München eV senior vice-president and member of the FC Bayern München AG supervisory board, is appointed to the executive committee of the supervisory board until further notice. This decision was also unanimously approved.

The entire FC Bayern München AG supervisory board would like to thank Uli Hoeness for his exceptional work on behalf of FC Bayern München over the last four decades.

“Uli Hoeness has always devoted his leadership qualities, great personal commitment and outstanding lifelong effort to the best interests of FC Bayern München,” commented Hainer. “He is very largely responsible for FC Bayern München becoming one of the most successful and attractive clubs in the world both in sporting and financial terms. We offer him heartfelt thanks and gratitude for this.”