Marco Fassone has been relieved of his duties as AC Milan's general manager after the Serie A club elected Paolo Scaroni as their new executive chairman.
A board meeting at the weekend brought the changes, in the wake of the departure of former president Li Yonghong after his failure to meet a loan repayment deadline saw the Elliott Management group take full charge of the Rossoneri.
Fassone assumed his role in April 2017, following Yonghong's takeover of the club and oversaw the investment of over €200 million in 11 new players last summer.
They were unable to help Milan realise their objective of qualifying for the Champions League, however, with a sixth-place finish earning them only a berth in the group stage of the Europa League.
Paul Singer, the founder and CEO of Elliott Management, said he remains confident about the club's future as he introduced the weekend's changes.
"The election of a new board marks another step forward in getting AC Milan back on track," he said.
"Elliott is well positioned to deliver financial stability and proper oversight, the building blocks of on-field success and a world-class fan experience.
"We recognise the prominent place AC Milan occupies in the football world and are aware of the responsibility that comes with owning such a storied franchise."
Milan were reinstated into the Europa League on Thursday after succeeding with an appeal to the Court of Arbitration for Sport against a decision by UEFA to exclude them for breaching financial fair play provisions.
Elliott's assumption of control just a few days earlier was regarded as the key to the CAS overturning UEFA's sanctions.
"The board will also review a new budget for the club," continued the statement. "The goal of this will be to strengthen the competiveness of the team, in compliance with UEFA financial fair play regulations.
"As made clear in [Thursday's] decision by the Court of Arbitration for Sport to overturn UEFA's Europa League ban the panel noted in particular that the current financial situation of the club was now better, following the recent change in the club's ownership.'