Cormack takes over Aberdeen with Atlanta United partnership
The Aberdonian and lifelong Dons fan will take up the reins from Stewart Milne.
Aberdeen has announced that Dave Cormack is to become the football club's new chairman in a restructuring at Pittodrie which also includes a partnership with MLS side Atlanta United.
The American-based businessman was announced as Stewart Milne's successor by the club on Sunday following the team's 1-1 draw with St Johnstone at McDiarmid Park in Perth.
The Aberdonian and lifelong Dons fan will take up the reins immediately after the club's Annual General Meeting on December 16.
After 22 years at the helm of AFC, Milne is stepping down as part of a planned succession process that paves the way for fresh investment.
He will remain on the board in a non-executive capacity.
Milne said: "For four years, we've been working on a succession plan. It's been no easy task to find the right person who is willing to take on the onerous role of chairman, with responsibility for both the financial health and growth of the club.
"In bringing Dave onto the board and then appointing him vice-chairman, we viewed him as the natural successor. He qualifies on both counts.
"He is prepared to take on the commitment and has already proved his ability to secure significant new investment. Importantly, he is passionate about Aberdeen and the club."
Since June 2017, Cormack has delivered £11.2m of new investment, including £1.4m for the Aberdeen FC Community Trust, and, on taking control, he will front a further £5m of investment which will provide working capital for the club's day-to-day operations.
With completion of the first phase at Kingsford, combined with strong football and commercial performance, Milne believes the time is right to step aside as chairman.
He added: "I have always said I would relinquish the reins when the right opportunity arose and I believe that time has now come.
"I'm proud to have had the opportunity to lead the club I love for over two decades. It's been a real privilege but not without its challenges.
"Like the fans, I've shared in a rollercoaster of emotions from pure joy and exhilaration through to frustration and despair.
"We have been in a consistently healthier position for several years now and I'm pleased to be able to hand the club over to safe hands in the knowledge that we are debt-free and have more than doubled revenues from around £7.8m in 2013 to almost £16m today.
"The opening of the £12m Cormack Park represents the completion of phase one of our vision for a new home. We've achieved this while still increasing the first team budget to its highest level yet and continuing to invest in our youth programme.
"Our annual spend on the overall football operation now amounts to £9m."
Cormack said: "As an Aberdonian and lifelong Dons fan, I'm honoured and privileged to become chairman of the famous Aberdeen.
"I'm also pleased to be able to announce a strategic partnership with Atlanta United, details of which will be announced tomorrow, and further investment from myself, Tom and Roger.
"Today, however, I'd like to focus on paying tribute to Stewart. During more than 20 years in the driving seat, he has had to deal with some turbulent times, both at the club and within Scottish football.
"Thanks to his astute commercial acumen, his financial contributions and an unwavering loyalty, both as a chairman and a fan, he has successfully led the club through those times, having to make difficult decisions along the way.
"Not all of these have been popular among fans, but they have helped to get the club into a good position on and off the pitch.
"I am very pleased that he has agreed to stay on the board in a non-executive capacity to ensure a smooth transition.
"There are some real challenges ahead but, with the support of my fellow directors and new investors, along with our fans, we will do our utmost to deliver success which, at the end of the day, is measured by the team's performance.
"The new investment and this partnership with Atlanta will allow us to punch above our weight, aspiring to attain UEFA's top 100 status, and trying to level the playing field against significantly higher income generated by Celtic and Rangers."
Having worked alongside Milne for 17 years and played a major role in the success of the club, Duncan Fraser has also decided to step down. He will leave his position of chief executive with immediate effect but remain as a non-executive board director.
Board directors Ian Jack, Duncan Skinner and Craig Brown will also be stepping down to make way for the new investors to shape the board and the executive team for the future.
Brown will remain at the club in an ambassadorial role and Skinner will continue as chairman of the Board of Trustees of Aberdeen FC Community Trust.
The announcements were made in the AGM notice and annual report, which were issued to shareholders this weekend.
The accounts for the financial year ended June 30, 2019 reveal an increase in turnover from £15.4m to £15.9m.