Eggert Magnusson has stepped down as chairman of West Ham and sold his stake in the Premier League club.
Magnusson, who fronted the Icelandic consortium that bought the Hammers a year ago, had already quit as executive chairman in September.
“Now that I need to focus a little more on my interests overseas, I think it is the right time to stand down,” he said.
Owner Bjorgolfur Gudmundsson has become chairman and executive chairman and has bought Magnusson’s 5% shareholding.
“Eggert Magnusson has done a tremendous job as chairman, often in difficult circumstances, since our consortium bought the club 12 months ago,” said Gudmundsson, who the club says has invested a further £30.5m.
“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.”
Magnusson has enjoyed a turbulent 12 months in charge of the Hammers. Within weeks of the Icelandic takeover, manager Alan Pardew was sacked and Alan Curbishley installed as his replacement. He also had to deal with the long-running Carlos Tevez saga, resulted in the club receiving a record fine, although crucially, they avoided a points deduction that would resulted in relegation to the Chamiponship.
Despite the events of the past year, Magnusson says he has enjoyed his time at West Ham.
“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, said Magnusson.
“The last 12 months have not been without their challenges but I feel that we have emerged stronger and fitter as a club.
“I would also like to pay tribute to the West Ham fans who, I believe, have shown themselves 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.”
Gudmundsson plans to move the club to a new £250m, 60,000-seater stadium, with a site having been identified at an old Parcelforce depot next to West Ham tube station.
“We are seeking to build some truly solid foundations for the future ambitions of West Ham,” he added. “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.”