Manchester United Chief Executive David Gill has announced he will step down in June after a decade in the role.

Executive vice chairman Ed Woodward, a former investment banker with JP Morgan, will take on Gill's responsibilities although he will not become CEO.

Woodward joined United in 2005 and played a prominent role in their flotation on the New York Stock Exchange last August.

As part of the reorganisation, commercial director Richard Arnold, who has done a series of sponsorship deals around the world, is promoted to the role of managing director.

Gill, 55, joined United in February 1997 as finance director and has been chief executive since 2003. He was in the role when the Glazer family bought United in 2005 for £790 million in a deal that burdened the club with a huge debt.

Gill will remain a club director. He has been moving more into the politics of the game, having been appointed vice chairman of the English Football Association last year and will seek a place on the executive committee of UEFA, European soccer's ruling body, in elections scheduled for May.

Gill described his time at the club as "the greatest privilege", saying he had worked alongside the finest manager in the history of the game.

"I've experienced some incredible highs, such as the Treble in 1999 and the League and Champions League double in 2008, and lows, like losing the title with the last kick of the season last year. But that is what makes this club and this sport so compelling."

Manchester United manager Alex Ferguson said he was sorry Gill was leaving.

"Him stepping down is a big loss to me but the fact that he is staying on the board encourages me that the reason for his departure is heartfelt - that he believes it is time for the club to move on," Ferguson said in a statement.

"If I could have found a way of persuading him to stay I would love to have done that. But he has made his decision and I respect him for it," he added.