Celtic have announced that Dr John Reid will be stepping down as chairman of the club and also as a director at the Company's annual general meeting later this year.
Dr Reid, after confirming his departure, stated: "It has been an honour to have been Chairman of this great club for the past four years. I will always be grateful for the support, encouragement and friendship I have received from Dermot Desmond and my colleagues on the board, the management and staff and, above all, the greatest supporters any club chairman could wish. That is something I will forever value.
"We have come through a challenging period, but I believe we have come through stronger than ever. We now have in place a new, young talented managerial team led by Neil Lennon and capable of great things. Equally, we have recruited and shaped a new, young and talented squad whose promise for the future we have only begun to glimpse.
"For my part, I will always be grateful for the opportunity and the comradeship which I have received. I will leave the Chairman's post as I joined it, a Celtic supporter first and last."
Reid, an outspoken former Labour Cabinet Minister - now Baron Reid of Cardowan - received praise from another former Hoops chairman, Brian Quinn, who said he was right to take on the football authorities during a controversial reign.
''John has provided the leadership you'd expect from an ex-Cabinet minister," Quinn said. He has kept the ship straight. There has been a lot of turbulence both on the field and off the field.
"John did it his way - I've no fault to find with him. You've got to have a wide range of tolerance for how people conduct themselves in this kind of job."