Ed Woodward has resigned as chairman of Manchester United, The Athletic reported.
Manchester United confirmed the news through a press release.
"Manchester United has today announced that executive vice-chairman Ed Woodward will step down from his role at the end of 2021," the statement read.
"I am extremely proud to have served United and it has been an honour to work for the world's greatest football club for the past 16 years," Woodward said following his resignation.
"The club is well-positioned for the future and it will be difficult to walk away at the end of the year."
"I will treasure the memories from my time at Old Trafford, during a period when we won the Europa League, the FA Cup and the EFL Cup. I am proud of the regeneration of the club's culture and our return to the Manchester United way of playing."
"We have invested more than £1bn in the squad during my time here and I am particularly delighted with the progress the players have made under the astute leadership of Ole Gunnar Solskjaer and his coaching team in the last two years."
"I am sure that with the changes we have made on-field and to the coaching and football staff in recent years this great club will soon be lifting silverware again. It deserves to."
Woodward's resignation comes after Manchester United were heavily criticised by their own supporters for agreeing to join a breakaway European Super League.
"Ed Woodward has served the club with great distinction. On behalf of everyone at United I would like to place on record our sincere thanks for his tireless work and dedication," Co-chairman Joel Glazer added.
"His contribution to the club has been massive, and he will always be welcome at Old Trafford as a part of the Manchester United family."
Woodward's decision to resign as Manchester United chairman comes after a tumultuous 48 hours following the announcement of a breakaway European Super League.
Legendary manager Sir Alex Ferguson was among those to voice his opposition to the decision.
"Talk of a Super League is a move away from 70 years of European club football," he told Reuters.
"Both as a player for a provincial team Dunfermline in the 60s and as a manager at Aberdeen winning the European Cup Winners' Cup, for a small provincial club in Scotland it was like climbing Mount Everest."
The club were also heavily criticised by former player Gary Neville on Sky Sports, while current players Marcus Rashford, Bruno Fernandes and Luke Shaw all made their displeasure known.