Berlin, Jun 1 (EFE).- Karl-Heinz Rummenigge will step down as Bayern Munich’s chairman ahead of schedule, the German powerhouse announced on Tuesday.
Rummenigge will terminate his contract, which should have expired on 31 December, to leave his post by the end of the fiscal year on 30 June, allowing former goalkeeper Oliver Kahn to take over ahead of the new season.
“It is the most strategically sensible and logical time,” Rummenigge said in a Bayern statement.
“The new season should be the responsibility of Oliver Kahn as the new CEO right from the start – also for the sake of the people involved and thus in terms of the future of FC Bayern,” he added.
Rummenigge, who played at the Bavarian club for a decade, joined the club’s management in 1991 as vice president before becoming the club’s CEO in 2002.
The club president Herbert Hainer thanked Rummenigge for the work he has done in management and the mark he had left during his playing career.
“It was a pleasure and an honour for me and for all of us to have worked with Karl-Heinz Rummenigge,” Hainer said according to Bayern’s statement.
“As soon as the coronavirus situation allows, we will officially give him the farewell he deserves at FC Bayern,” he added.
Since Rummenigge became CEO, Bayern have won two Champions Leagues in 2013 and 2020, 14 Bundesligas and 10 German Cups.
Off the field, the Bavarian club has increased its annual turnover from 176 million to 679 million euros.