Paolo Scaroni has been named new president of AC Milan.
Scaroni replaces Li Yonghong, who officially stood down on Saturday morning.
The 71-year-old is best known for being the deputy chairman of Rothschild Group and former CEO of Italian multinational Eni.
“It was only stormy in terms of weather… For me, it's a great honour, as a Milanista, to be the President of this team," he said at the end of the meeting.
Roberto Cappelli, who chaired the assembly but was not re-elected to the board, also stated: “Elliott's commitment isn't short-lived because it has a willingness to invest important resources in the club, which will allow Milan to remain compliant with Financial Fair Play."