Bayern Munich plan to extend Karl-Heinz Rummenigge's stay as CEO until 2016, according to Bild.
At a meeting of the club's board of directors on Monday, at which president Uli Hoeness' offer to resign was rejected, the three-year Rummenigge deal was approved, the newspaper reports. Rummenigge was present alongside sporting director Matthias Sammer, deputy executive board member Andreas Jung and chief financial officer Jan-Christian Dreesen.
Rummenigge, who played as a striker for Bayern, was sold to Inter Milan by Hoeness to pay off Bayern's debts in 1984.
He returned to his former club as vice-president in 1991, and in 2002 became the CEO of the newly founded Bayern Munich Aktiengesellschaft, which is comparable to a joint stock company.
The stocks are not listed on the public stock exchange and are instead privately owned. The registered club FC Bayern Munich holds an 81.8% share, while Adidas and Audi hold 9.1%.
Under the current agreement with members, the club cannot sell more than more than 30% to other companies.