Cormack will take charge following the club’s AGM on December 16. Milne will still be around the Dons though in a non-executive role.
He is stepping down to pave the way for a plan that will lead to fresh investment in the club. With completion of the first phase at Kingsford and strong football and commercial results, Milne believes the time is right for change.
“It’s been no easy task to find the right person who is willing to take on the onerous role of Chairman, with responsibility for both the financial health and growth of the Club,” said Milne in the club’s statement.
“In bringing Dave onto the Board and then appointing him vice-chairman, we viewed him as the natural successor. He qualifies on both counts. He is prepared to take on the commitment and has already proved his ability to secure significant new investment. Importantly, he is passionate about Aberdeen.”
Cormack added: “As an Aberdonian and lifelong Dons fan, I’m honoured and privileged to become chairman of the famous Aberdeen. “There are some real challenges ahead but, with the support of my fellow directors and new investors, along with our fans, we will do our utmost to deliver success which, at the end of the day, is measured by the team’s performance.”
Some Aberdeen fans have reacted to the takeover news.
Thanks Stewart Milne for leaving the club in good hands. Thanks for us still having a club and a history. Now lets move on and do whats best for the club, whatever it is. New stadium, or redevelopment of pittodrie. Lets back the manager, the team and the board! #COYR
— Ron (@ronmc1408) November 24, 2019
Not often you get such a smooth succession like this in modern day football. Says a lot about all parties acting in the club's interest. 👏🏻🤝🏻👏🏻
— Mammoth Mogul (@MammothMogul1) November 24, 2019
Thanks to Stewart Milne for everything he’s done for the club despite the constant criticism from some. Hopefully exciting times ahead although the number of changes at board is a little concerning, losing a lot of experience.
— Moira Cutler (@MoiraCutler) November 24, 2019
Thanks Stewartie and good luck to Dave for the future plans, hopefully it brings us the success on the field the fans crave 🖒
— Drew Jarvies Comb (@Drewjarviescomb) November 24, 2019
Exciting times ahead 👍 should help get some positivity back amongst the fans..
— Reggie Perrin (@alfalpha1312) November 24, 2019
Announce josef Martinez and Vallalba loan deals
— Kieran Connolly (@IKieranConnolly) November 24, 2019
USA USA USA 🇺🇸
— Liam Morrison (@LMorr99) November 24, 2019
— BTEafc72 (@BeattieWillie) November 24, 2019