Bayern Munich of Bundesliga confirmed on Friday that Oliver Kahn, a former legendary goalkeeper of the club, will succeed Karl-Heinz Rummenigge as their CEO from 2022.

Having been Bayern's chairman of the board since 2002, the 63-year-old Rummenigge announced earlier this year that he will leave when his contract comes due on December 31, 2021.

Kahn, 50, has signed a five-year deal with the Bavarians that will put him into the club's supervisory board on January 1, 2020.

"It's a great honor for me to be first entrusted with the office of board member and later with the office of CEO and chairman of the Executive Board. I would like to thank the supervisory Board, headed by Uli Hoeness, for this trust. I am deeply connected with the club and it has decisively shaped my life," said Kahn in Bayern's official press release.

This should not be surprising to anybody considering Kahn's contributions to Bayern. Since he joined the club in 1994, Kahn has played 632 games in 14 seasons and finished 247 of them without losing one single goal. Thanks to his incredible performance, Bayern won eight Bundesliga titles, six DFB-Pokal championships and one UEFA Champions League trophy.

"With an eye on the future, we are convinced that Oliver Kahn is the perfect solution for the position of CEO of FC Bayern Munchen AG. Oliver was an important player in the history of our club…Oliver Kahn knows football, he knows business, and he carries the DNA of FC Bayern," said Hoeness, who on Thursday announced he will not stand for re-election as Bayern's president.

"Sporting and financial success, solidarity with the fans, a responsible approach towards the club's history and values – that is what FC Bayern stands for. I would like to further develop these attributes in the future together with the staff, as well as my colleagues on the executive board and the supervisory board," said Kahn.