Arsenal have announced that Peter Hill-Wood has stepped down from his role as chairman, and will be replaced by Sir Chips Keswick.

It had been suggested over the last few weeks that the 77-year-old, who has been chairman since 1982, was considering his position with the North London outfit due to health reasons.

Hill-Wood told the club's official website: "This has been a difficult decision as Arsenal Football Club has been a huge part of my life. Although I am feeling better I feel this is the right time for me to stand down.

"I would like to thank our majority owner Stan Kroenke for the respectful and dignified way he has handled this and I know Sir Chips is the right person to take the club forward."

Keswick, who is an Arsenal fan and previously worked as chairman of Hambros Bank, as well as a director of the Bank of England, has taken the position following eight years on the board.

"I am greatly honoured to have been appointed chairman of Arsenal Football Club," said Keswick. "This is one of the great clubs in the game, recognised and loved by millions. I am looking forward to leading the club to future success."

Hill-Wood's decision was prompted by a heart attack that he suffered last year.