In what was a surprise move current Chairman Eggert Magnusson will step aside from his executive Chairman role into a non-executive capacity whilst Gudmundsson takes a more a more direct role over-seeing the direct running of day-to-day business at the club.
A statement on the clubs official site from Gudmundsson reads, ""I am so proud of what we have achieved since becoming involved with the Club and I am grateful for Eggert Magnusson's contribution to West Ham throughout this time. Of course there have been challenges but we have made real progress and can be confident about the future.
"It is now vital for our longer term ambitions to become one of the leading clubs in
Magnusson himself is likely to take a well-earned rest after steering the club back from the brink of disaster and only time will tell exactly what type of a role he will now hold.
He said, "We have worked hard to create stability and optimism sometimes in very difficult and trying circumstances. I think it is now important to broaden the management team so that we can deliver the bright future that is opening up for the Club. I have enjoyed my time as Executive Chairman but feel the moment is right to stand back a little as we move into a new and exciting period."