Sunderland owner Ellis Short says new chief executive Martin Bain will 'strive' to transform the club's financial performance.
With Sunderland's Premier League status assured following the 3-0 win over Everton in the penultimate match of the Premier League campaign, Short has moved quickly to confirm Margaret Byrne's successor.
Martin Bain, currently chief executive at Israeli club Maccabi Tel Aviv, will take up his new role at the start of July.
And Short has spoken of his delight at bringing Bain to the Stadium of Light, who will be responsible for the day-to-day running of the club.
Short praised his commercial experience at Maccabi Tel Aviv and previous club Rangers, while Bain has also previously been a director of the Scottish Premier League.
And one of his main priorities at the Stadium of Light will be to transform the club's finances, which Short admits must improve significantly.
Recently released figures showed Sunderland's pre-tax losses last season jumped by more than £8million.
The Black Cats saw turnover fall from £104.4million to £101.1 million, figures filed at Companies House for the financial year to July 31, 2015, revealed.
Reduced turnover and increased interest costs combined to push losses on ordinary activities before tax to £25.4million from £17.1million in the year to the end of July 2014.
Speaking about his new CEO, Short said: "I am delighted to welcome Martin to Sunderland.
"With his commercial experience, commitment to working closely with local communities and impressive track record of building winning teams on and off the pitch, I know that we have someone that can take us forward.
"Martin will strive to transform our financial performances, which we acknowledge must improve significantly, into a stable and successful model, to give us a club that we and our fans can be proud of.
"In doing so, he will receive the full support of everyone at Sunderland AFC."
Byrne resigned in March following the outcry into her decision to allow Adam Johnson to continue playing for the Black Cats, while awaiting trial for sex offences.