Rangers have announced the appointment of existing board member Derek Llambias as their new chief executive.

The 58-year-old, who is a former managing director of Newcastle United, joined the Scottish Championship side's board last month as a non-executive director.

It has now been confirmed by Rangers to the Stock Exchange that Llambias will take over as chief executive, while investigations by the Scottish Football Association into shareholder Mike Ashley's role at the club are to continue.

Ashley was charged by the governing body earlier this week for breaching rules relating to his dual interest in both Rangers and Newcastle.

Meanwhile, the future of manager Ally McCoist remains in the air after it was announced that he will stay in charge at Ibrox despite handing in his resignation earlier this month.