adidas Chief Executive Officer Herbert Hainer has been elected Bayern Munich president following the resignation of Uli Hoeness who was jailed for tax fraud.
Herbert Hainer who has recently been appointed as adidas CEO until 2017 received a majority vote and will assume the position with immediate effect.
The move comes after Uli Hoeness stepped down as president on Friday after being sentenced to three years in prison for tax evasion.
Hainer said: “Uli Hoeness has always served Bayern Munich’s best interests with his leadership qualities, his high personal involvement and his exceptional lifetime achievements.
“He has made a considerable contribution to Bayern Munich becoming one of the most successful and attractive clubs in the world, financially and sportingly, and we will always be extremely grateful to him for this.”
Hoeness was accused of tax evasion up to €27m ($37.5m) by the prosecutors, rued his mistake and revealed he would not appeal the courts decision.
Uli Hoeness said: “I have asked my solicitors not to appeal the decision. That reflects my views on decency, conduct and personal responsibility. Tax evasion was the biggest mistake of my life and I will face up to the consequences of this mistake.
“I will also be resigning from my position of president of Bayern Munich. By doing this, I would like to prevent any damage to my club. Bayern Munich are my lifetime’s work and they will remain such. I will remain attached to this amazing club and its people in a different way for as long as I live.
“I would like to thank all my personal friends and the supporters of Bayern Munich from the bottom of my heart for their support.”
adidas, one of the biggest football kit manufacturers in the world, owns an 8.3 percent stake in the club and has provided its kits for over 50 years. Hainer was previously deputy head of the supervisory board at Bayern Munich.