AC Milan have confirmed Paolo Scaroni has been elected as the club's new executive chairman following the takeover by Elliott Management.
Marco Fassone has left his role as chief executive as part of the changes at board level, the Serie A club announced on Saturday.
Scaroni will run the club until a new chief executive is appointed with Marco Patuano, Franck Tuil, Giorgio Furlani, Stefano Cocirio, Salvatore Cerchione, Alfredo Craca and Gianluca D'Avanzo added to the board.
"I am humbled by the opportunity to lead AC Milan's board of directors, and grateful for the trust and support of my fellow board members," Scaroni said in a statement.
"This is a critical moment in the club's storied history, and we're all grateful to have a new owner committed to return AC Milan to its former glory.
"At the board level, we will do everything possible to put the coach and the players in a position to succeed. There is considerable hard work ahead, and we are eager to build upon today's momentum."
Official Statement https://t.co/OtOgsG47ij— AC Milan (@acmilan) July 21, 2018
The US-based hedge fund's takeover follows Elliott previously teaming up with Li Yonghong, who has been ousted as Milan's president and responded angrily in an open letter published by Il Sole 24.
"Elliott showed itself from the start to not be the partner I imagined," Li said, adding he would fight for the ownership of the club.
Paul Singer, founder of Elliott, is concentrating on getting the Serie A club on the right path, with the club targeting a return to the Champions League.
"The election of a new board marks another step forward in getting AC Milan back on track," Singer said in a statement. "Elliott is well positioned to deliver financial stability and proper oversight, the building blocks of on-field success and a world-class fan experience.
"We recognise the prominent place AC Milan occupies in the football world and are cognisant of the responsibility that comes with owning such a storied franchise."
Milan have been reinstated to the 2018-19 Europa League after the Court of Arbitration for Sport ruled the club's ban from the competition was not proportionate to breaching Financial Fair Play regulations.
|Braves survive skirmish, loss of Acuna to top Marlins|
|Robertson handed surprise start, Hodge gets nod for Bledisloe opener|
|MLS Review: Wayne´s World as Rooney inspires DC United, LAFC win|
|Djokovic and Dimitrov survive but Zverev loses in Cincinnati|
|Rain halts Halep as Muguruza´s defence ends and Wozniacki retires|
|Ozil´s racism claims nonsense, says Kroos|
|Malcom lost for words after Camp Nou bow alongside Messi|
|Injured Fowler withdraws from play-off opening Northern Trust|
|Marcelo happy with Madrid squad amid transfer talk|
|Foles isn´t worried about Brady´s handshake snub|
|Eli Manning on Jalen Ramsey´s comments: ´Who?´|
|Cerezo: Atletico´s objective is to reach Champions League final|
|Judge´s recovery taking longer than expected|
|Ronaldo in the past as Casemiro backs Lopetegui after Madrid loss|
|With our ´cojones´ Atletico can beat anyone – Costa revels in Super Cup glory|
|Super Cup loss doesn´t change Real Madrid transfer policy, says Lopetegui|
|Griezmann: Super Cup triumph justifies staying at Atletico|
|Valverde defends Suarez performances|
|Simeone´s eclipses Aragones as Atletico´s top coach with seventh title|
|Rockets GM: LeBron James is ´the greatest ever´|
|Salihamidzic, Kovac not standing in way of Rudy exit|
|Jaguars DB Ramsey calls Bills QB Allen ´trash´|
|Real Madrid 2 Atletico Madrid 4 (after extra time): Saul stunner seals Super Cup glory|
|Ex-India Test captain Wadekar dies aged 77|
|Gundogan ready to step up in absence of injured De Bruyne|
|Djokovic overcomes illness to see off Mannarino|
|Diego Costa nets fastest UEFA Super Cup goal ever|
|Everton feared missing out on Mina after World Cup strike|
|Barcelona 3 Boca Juniors 0: Messi, Malcom net as Barca win Joan Gamper Trophy|
|All Blacks stick with Barrett as Mo´unga misses out altogether|
|Modric benched for UEFA Super Cup clash with Atletico Madrid|
|Cipriani charged with assault after Jersey nightclub incident|
|Hamburg 1 Bayern Munich 4: Wagner and Muller hit braces in comeback victory|
|WATCH: Messi scores first goal as Barcelona captain|
|Iniesta, Xavi and Puyol were great teachers, says new Barcelona captain Messi|
|Moses retires from international football|
|Goals, assists, set-pieces - The stats that show De Bruyne is almost irreplaceable for City|
|Bergeron wins mammoth 24-man U.S. Amateur play-off|
|Hart to Burnley "not rocket science", says Dyche|
|Leipzig, Schalke reject Rudy transfer rumours|
|Yedlin knee injury not serious, Newcastle confirm|
|Bartomeu satisfied with Barcelona squad amid Pogba links|
|Kevin De Bruyne suffers knee injury|
|Steelers QB Roethlisberger in concussion protocol|
|Kehrer to PSG not complete, say Schalke|
|Hopoate handed 10-year ban from NSWRL|
|Is this worth it? Injuries prompted Te´o to consider future|
|Croatia hero Subasic retires from international football|
|Iniesta makes it two in two for Vissel Kobe|
|Chelsea send out defensive duo on loan|
|Zaha 2023: Palace star means more than goals|
|De Jong set for Ajax stay despite Barcelona interest|
|Serena ´still at the very beginning´ of comeback|
|Ajax can benefit from Mourinho approach - Blind|
|Foley not convinced by reports All Blacks will drop Barrett|
|Zaha signs Crystal Palace extension|
|Burnley midfielder O´Neill makes A-League loan move|
|Godin yet to renew with Atletico Madrid amid transfer interest|
|Federer ´feeling better every day´ after Wimbledon disappointment|
|Kante comfortable with surprise new Chelsea role|
|Rugby Championship 2018: The numbers behind New Zealand´s dominance|
|LaLiga 2018-19: Bale ready to be Madrid´s shining light after five years in Ronaldo´s shadow|
|Rodgers unimpressed by absence of ´fit´ Boyata|
|Braves´ Acuna Jr. has arrived as a true MLB star|
|LA Galaxy 2 Colorado Rapids 2: Jackson´s deflected strike sees spoils shared|
|Victory offer postponed retirement, says Honda|
|Kyrgios forgets tennis shoes, Federer back in business|
|Williams knocked out as Garcia and Pliskova advance in Ohio|
|Kvitova sees off Serena in Cincinnati classic|
|Federer dispatches Gojowczyk in Cincinnati|