Last updated on 7 minutes ago.
Richard Arnold has worked at Manchester United for 15 years.
Ed Woodward will be replaced by Richard Arnold on February 1.
Arnold joined United in August of 2007, and has been the club's managing director ever since.
He will become the new chief executive.
"I would like to thank Ed for his dedication to Manchester United over the course of his 16 years with the club and nine years as executive vice-chairman," said the co-chairman.
"We are looking forward to Richard and his leadership team opening a new phase in the club's evolution, with ambitious plans for investment in Old United, the strengthening of our engagement with fans, and continued drive towards our most important objective - winning on the pitch."
Woodward's time in charge has not been a great success.
The club won the last of its 20 league titles with him in charge. Since then, United has fallen in status.
They won the FA Cup in 2016 and the EFL Cup in 2017.
They have failed to mount a realistic challenge on either the title or the group stage and in November, Woodward sacked Solskjaer, the fourth time he has been forced to dismiss his own appointment ahead of schedule.
Arnold has been in charge of day-to-day operations at Old Trafford and is credited with building bridges with United's major fans groups. He was seen as one of the biggest influences behind the club's huge commercial growth.
He said he was honoured to serve the club and its fans. I am determined to return that honor in any way I can.
Woodward will remain on the football club board until the end of the season, which will involve attending a couple of meetings.
He won't stay on in a consulting role.
