West Ham United has today announced changes in share ownership and a number of changes to the governance of the Club as part of the long-term development of the Club and its plans for the future, including a new 60,000 seat stadium.
The changes were agreed at a shareholders meeting of WH Holding, the UK holding company of West Ham United Plc.
The key changes are as follows:
At the first meeting of the new Board it was agreed to continue the process of investigating the potential development of a new 60,000 seat stadium for West Ham United.
Commenting on today's changes, Mr Gudmundsson said: "We are seeking to build some truly solid foundations for the future ambitions of West Ham United FC. This is a great football club with tremendous heritage and tradition and the most wonderful set of supporters.
"My job as owner is to help plan for the future and create the right conditions off the field to help Alan Curbishley and the playing squad deliver success on the field.
"I am particularly delighted that we have been able to take the first real step in our plans for a new stadium, which is crucial to the long-term ambitions of the Club.
"As we move forward I want to pay tribute to Eggert Magnusson, who has done a tremendous job as Chairman, often in difficult circumstances, since our consortium bought the Club twelve months ago. Eggert has decided to move on to new pastures and to pursue his other interests. We wish him well for the future and express our thanks for all that he has done for West Ham.
"As incoming Club Chairman I recognise the responsibility that comes with this role and I know that view is shared by all the members of the Board. Today marks the next step in the development of this great Club and we are all proud to be part of something so special."
Outgoing Chairman, Eggert Magnusson said: "I have thoroughly enjoyed my time here at West Ham. From the moment that Bjorgolfur Gudmundsson and I formed the consortium to bid for the Club, it has been an honour to be involved. Now that I have sold my financial stake in the Club and I need to focus a little more on my interests overseas, I think it is the right time to stand down as Chairman.
"The last twelve months have not been without their challenges but I feel that we have emerged stronger and fitter as a Club. Bjorgolfur has always supported me as Chairman and I am pleased that he has decided to take over the role to help the Club move on to the next level.
"I would like also to pay a special tribute to the West Ham fans who, I believe, have shown themselves over many years to be the best in the country. My thanks to everybody who has worked with me in my time here and I wish the Club every success for the future. I will still be cheering on the team whenever time permits."