Former Blackburn Rovers Chief Executive John Williams will replace Jeremy Peace, who has been chairman of West Brom for 14 years, with immediate effect, the statement added.
Peace will stay on at West Brom in an advisory role to help with the transition, but has relinquished his position on the club’s board.
The deal is subject to approval by Britain’s Financial Conduct Authority and the Premier League.
(Reporting by Simon Jennings in Bengaluru)
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