Tycoon's ally appointed CEO
Llambias role at Ibrox tightens Ashley’s control
Llambias, who already sits on the board as a non-executive director, is a close colleague of retail tycoon and Newcastle United owner Ashley who parachuted him into the director’s box after making two loans to the Ibrox club.
Llambias was managing director of Newcastle United and joined the Rangers board on 2 November. Ashley is currently subject to an SFA inquiry with regard to his financial transactions and degree of control at Ibrox.
In a statement to the London Stock Exchange this morning Rangers said Llambias’s salary will be “significantly lower than previously offered for this position” in line with the club’s cost-cutting exercise.
David Somers will now revert to his previous role as non-executive chairman.
Commenting on the appointment of Llambias, he said: “I am delighted that Derek has agreed to step up to the chief executive role. This is a successful outcome to the process, announced on 27 October 2014, which involved interviewing a number of high calibre candidates.
“Derek has impressed us with his grasp of the issues since joining the group and brings a wealth of experience, particularly from his time at Newcastle United, which we feel confident will be invaluable to Rangers.”
Manager Ally McCoist has said he will honour his contract and work his 12-months notice after resigning earlier in the week.