Arsenal have decided not to appoint a CEO to replace the departing Ivan Gazidis, instead making Raul Sanllehi ‘head of football’ and Vinai Venkatesham ‘managing director’.

Arsenal announced Gazidis’ departure on Tuesday morning, after months of speculation that the 54-year-old would leave for AC Milan. The expectation was that Josh Kroenke would take over as CEO, but according to the club statement, this isn’t the case.

Kroenke will remain deputy chairman, and Sanllehi and Venkatesham will take on Gazidis’ roles as a duo.

Sanllehi will lead the club on the footballing side, after joining from Barcelona this year. Meanwhile Venkatesham will oversee the business side of the club.

It makes sense to split the two, because there isn’t really much reason for one person to do both anymore. Recruiting and selling players, or appointing managers and coaches, are clearly completely different tasks to securing commercial deals and partnerships.

Hopefully the pair will be able to move the club forward to greater success in the future.

On his new role, Sanllehi told the club website: “Although I joined Arsenal just months ago, I’ve felt embraced by this great club and part of its family from the first day. I will do everything possible to maintain our strong values which will be as fundamental to our future as they have been in our past.

“Vinai and I will need everyone’s help, to do everything right and secure the success everyone connected to Arsenal wants. I sincerely thank Arsenal’s board for their trust in us and thank Ivan for bringing me to this great club, and for consistently supporting me every day, in every way.

“It’s with overwhelming pride and utmost excitement that I face this new opportunity.”

Venkatesham said: “From the day I joined Arsenal I have always considered it a privilege to serve this great football club, so it’s an honour to take up the position of managing director and lead the club alongside Raul.

Together we will work tirelessly with the extraordinary staff we have at Arsenal to respect and enhance our unique history, heritage and values; with the overall objective to bring success to our millions of fans all around the world and make them proud of their club.

“I thank Stan and Josh Kroenke and the rest of the board for their trust in me, and Ivan for all the support he has given me since I joined the club in 2010.”