Llambias is new Rangers Chief Exec

Llambias joined the club's board as a non-executive member on November 2, having previously been managing director at Newcastle under Mike Ashley, who has a 8.9 per cent share in the Ibrox club.

David Somers will revert to his previous role as non-executive Chairman.

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 United, which we feel confident will be invaluable to Rangers."