Llambias Takes Charge At Rangers

Derek Llambias has been appointed chief executive of Rangers with immediate effect.

Llambias, a former managing director of Newcastle, was named as a non-executive director of the club in November. He had already applied for the chief executive vacancy created by Graham Wallace's departure.

Wallace and finance director Philip Nash left their roles at the behest of shareholder and Newcastle owner Mike Ashley, whose role at Ibrox last week led to two Scottish Football Association charges.

Ashley worked with Llambias at St James's Park and loaned Rangers an initial £2m in October as part of a rescue package which specified the boardroom changes.

Llambias' appointment was announced in a statement to the Stock Exchange ahead of Monday's AGM. It read: "In line with the cost cutting exercise announced on 12 November 2014, Mr Llambias's remuneration will be significantly lower than previously offered for this position."

Non-executive chairman David Somers said: "I am delighted that Derek has agreed to step up to the chief executive role. This is a successful outcome to the process, announced on 27 October 2014, which involved interviewing a number of high calibre candidates.

"Derek has impressed us with his grasp of the issues since joining the group and brings a wealth of experience, particularly from his time at Newcastle, which we feel confident will be invaluable to Rangers."

Llambias' promotion is the latest development in an Ibrox story which last week saw manager Ally McCoist hand in his resignation only to continue in his job on a higher wage.

McCoist, who met with Llambias and football board chairman Sandy Easdale this week, is now working a 12-month notice period.

Rangers, meanwhile, say they will defend themselves against the SFA charges, which allege Ashley's growing influence is in breach of dual ownership rules.

The club's board is also fighting a demand from the Scottish Professional Football League to pay a fine incurred by oldco Rangers over undisclosed payments to players.