Ex-Newcastle Chief Derek Llambias Expected to Succeed Graham Wallace as Rangers CEO

Former Newcastle United director Derek Llambias is expected to fill the vacant chief executive role at Rangers Football Club following Graham Wallace's exit.

Scottish media have reported that Newcastle United owner Mike Ashley's former right-hand man will fly into Glasgow within the next 24 hours to discuss contract terms.

IBTimes UK contacted Rangers but the Glaswegian club declined to comment, saying that any announcement will be made to the Stock Exchange.

Wallace walked out of Rangers this morning (27 October) after Ashley upped his stake in the club to almost 9% a few weeks back. His first point of action with the increased stake was to call for the heads of Wallace and finance director Philip Nash - who also resigned over the weekend - with the Sports Direct founder saying that he will "put forward" candidates to replace them.

Llambias is a close friend of Ashley and was appointed as managing director of the Magpies in 2008, shortly after Mike Ashley's takeover of the club.

However, he proved to be an unpopular figure at St James Park and insurmountable pressure from the fans forced him out in 2013 after the appointment of Joe Kinnear, with whom he allegedly clashed, and disapproval of his decision to publicly back manager Alan Pardew.