Billy Payne has announced his retirement from his role as Chairman of Augusta National, with Fred Ridley named as his successor.
Payne has served in the role for 11 years, during which he welcomed the first female members at the home of the Masters.
The 69-year-old will retire on October 16 and be replaced by former US amateur champion Ridley, who missed the cut in his three Masters appearances between 1976 and 1978.
"The privilege I experienced serving as Chairman of Augusta National and the Masters was far greater than I could have ever imagined," Payne said.
"I retire knowing it is simply the right thing to do - and at the right moment - to open the door and invite someone new to be called upon to lead, bring forth new ideas and craft a new vision."
Ridley, who currently serves the Masters Tournament as Chairman of the Competition Committees, will become the seventh Chairman of Augusta National.
Jack Nicklaus led the tributes to the departing Payne and said: "In his 11 years, Billy Payne has taken Augusta National and the Masters Tournament to new levels. Under his leadership, the Club and the Masters have grown tremendously.
"Billy has been a strong leader and an innovative thinker, and I believe Augusta National, Masters Tournament patrons and the world of golf all have, in some way, benefitted from his brilliance."