Steve McClaren has been confirmed as the new head coach of Newcastle United and has immediately been named as a newest addition to the club's board of directors.
Mike Ashley has stepped down from his position on the board but remains club owner while finance director John Irvine has left the club.
McClaren has signed a contract for an "initial term of three years, which could be extended to eight" and is joined on the board by chief scout Graham Carr and club ambassador Bob Moncur.
The former England manager becomes the only manager in the Premier League to have a role in the boardroom as well as in the dugout.
"From my first meeting with Steve I knew he was the perfect fit for Newcastle United," the club's managing director Lee Charnley said.
"I am delighted that we have secured the services of one of the best coaches in English football."
Former England manager McClaren initially turned down the chance to take over at St James' Park towards the end of the 2014-15 while helping Derby County chase the Championship play-offs.
Newcastle's uncertain Premier League future also played a role in the 54-year-old's decision to initially reject the opportunity, but following the confirmation of John Carver's departure on Tuesday, McClaren's appointment was announced.
He told the club's website: "I am privileged to be appointed head coach of Newcastle United. This is a big club with a wonderful heritage.
"St. James' Park is like a cathedral on a Saturday afternoon, a symbol for the city and I am excited to be given this opportunity.
"I know how important Newcastle United is to the city and the region.
"The supporters are some of the most loyal, passionate and devoted in the world. Despite everything they maintain their faith. We owe it to them to do everything we can to reward them with success.
"There's a lot of work to do, but the Club has made it clear about wanting success and I would not have come here if I didn't believe they were serious."
McClaren added his first goal on Tyneside will be to win the club's first trophy since 1955.
"This club has waited far too long to win a trophy. That's one of my primary objectives here.
"I've already won trophies as a manager, and a club the size of Newcastle United should be winning cups and finishing in the top eight in the Premier League.
"I'm determined to give the supporters of Newcastle United a team they can be proud of. The hard work starts now."
Of the decision to restructure the club's board of directors, Charnley added: "This is a very positive step forward for the Club and I am delighted that Steve, Graham and Bob will join me on the board.
"It was particularly important for us that the head coach also became a board member in order to gain a full understanding and appreciation for the Club and its operations as a whole, not just the football side. In Steve we have an individual who embraced that responsibility.
"Graham and Bob's passion for the Club is beyond question and I believe given the collective skills, knowledge and experience, together, we are incredibly strong.
"Whilst, of course, we all have our individual primary duties, there is a huge common desire for the Club as a whole to move forward and succeed."