Richard Arnold will take over as chief executive of Manchester United next month and Ed Woodward will leave the Premier League club on February 1.
Arnold, previously United’s managing director, is to start his new role at the beginning of February.
Woodward was due to step down at the end of 2021, but the long-serving executive vice-chairman is now set to depart a month later.
Arnold said: “I am honoured to have the chance to serve this great club and its fans. I am determined to return that honour in any way I can.”
United executive co-chairman Joel Glazer said: “I would like to thank Ed for his tireless work on behalf of Manchester United during his nine years as executive vice-chairman and 16 years with the club.
“We are now looking forward to Richard and his leadership team opening a new phase in the club’s evolution, with ambitious plans for investment in Old Trafford, the strengthening of our engagement with fans, and the continued drive towards our most important objective – winning on the pitch.”
It has been all change at United in recent months, with Ole Gunnar Solskjaer sacked in November and Ralf Rangnick installed as interim boss.
The Red Devils are seventh in the Premier League after slumping to a 1-0 defeat against Wolves at Old Trafford in their first game of the year on Monday.