Celtic plc announced the appointment of its former CEO Peter Lawwell, 63, as its new non-executive chairman and a director of the company.
Celtic’s principal shareholder Dermot Desmond said: “I am delighted that Peter has agreed to take up the position of chairman.
“He is the outstanding candidate.
“Peter is a man of the highest quality, someone who has served the club already with real commitment and expertise and his experience and knowledge of the club, as well as of the wider global football environment, will help continue to drive the club forward.
“He is perfectly placed to work with Michael Nicholson, Chris McKay and the board to ensure we continue to compete in Scottish and European football and to manage the challenges and opportunities in a European context.
“I would also like to thank Ian Bankier for his excellent contribution to Celtic over a number of years. I join everyone at the club in wishing him and his family every success for the future.”
Lawwell holds 356,000 ordinary shares in the company.
Celtic shares were trading down 5% at £1.09, giving the company a current stock market value of about £103 million.
“Peter will take up his new role from 1st January 2023, following the retirement of current chairman, Ian Bankier,” said Celtic.
“Peter returns to Celtic as non-executive chairman after previously being Celtic’s chief executive for almost 18 years, a position he retired from in the summer of 2021.
“During his tenure as chief executive, the club won 29 trophies, including 13 league titles and an unprecedented quadruple treble, enjoying a period of sustained growth and success.
“Following his retirement as chief executive, Peter has continued representing the club as a board member of the European Club Association.
“The board is pleased to welcome Peter back and looks forward to once again working with him in the near future.”
Lawwell said: “As a lifelong Celtic supporter it is a great privilege to be asked to take up the position of chairman, having already been part of our great club for nearly 18 years.
“These are exciting times for the club and I look forward to contributing to the well-being and success of the club.
“Our objective as ever will be to grow and further develop the club across all areas.
“Led by an excellent chief executive in Michael Nicholson, and chief financial officer Chris McKay, the club has a high quality management team in place.
“I will be offering my support and guidance to the board and executive management team to ensure that we continue to drive the club forward and protect and promote the interests of our supporters.”
Celtic CEO Michael Nicholson said: “We are delighted to welcome Peter as chairman and I look forward to working with him as we continue to progress and develop the club.
“Peter has a wealth of experience in the football industry at a domestic, European and global level, which is invaluable to the club going forward.
“Our collective objective is to create a world class football club that our supporters can be proud of, competing at the highest level, with a strategy based on growth and continuous improvement.“
Celtic team manager Ange Postecoglou said: “It is fantastic news for the club that Peter will be taking up the role of chairman.
“He was instrumental in bringing me to Celtic, I know the love he has for the club and I know that his wealth of experience and knowledge will be invaluable to us all as we move forward together.
“I would also like to wish Ian and his family all the very best for the future.”
Bankier said: “I am pleased that Peter has agreed to take on the role of non-executive chairman.
“Against any reasonable benchmark, Celtic has prospered over the last decade and beyond.
“This is in no small part down to the stability of the club and the retention of knowledge and experience.
“Peter will be a most effective sounding board for the executive and a fine representative both domestically and abroad.
“I would like to thank everyone at Celtic for their support during my term of office. I shall miss them all. I wish the club and the Celtic support all the very best for the future.”