AC Milan have announced the appointment of Paolo Scaroni as club chairman as the Serie A giants hailed the "dawn of a new era" under new owners Elliott Management.

The American investment company completed a takeover of the Rossoneri on Saturday, with new a board elected at a shareholders' meeting in Milan.

Former owner Li Yonghong has left alongside CEO Marco Fassone, with Scaroni taking over as chairman and interim chief executive.

Marco Patuano, Franck Tuil, Giorgio Furlani, Stefano Cocirio, Salvatore Cerchione, Alfredo Craca and Gianluca D'Avanzo have also joined the board.

"I am humbled by the opportunity to lead AC Milan's board of directors, and grateful for the trust and support of my fellow board members," Scaroni, a former CEO of Italian energy company Eni and glass manufacturer Pilkington in London, is quoted by Goal.com as saying.

"This is a critical moment in the club's storied history, and we're all grateful to have a new owner committed to returning AC Milan to its former glory. At the board level, we will do everything possible to put the coach and the players in a position to succeed. There is considerable hard work ahead, and we are eager to build upon today's momentum."

Milan had been suspended from the Europa League for this season after failing to comply with UEFA Financial Fair Play rules but were reinstated after the Court of Arbitration for Sport (CAS) overturned the decision.