Eggert leaves HammersIcelandic businessman Eggert Magnusson has announced his decision to step down from his role as chairman of the club.
Club owner Bjorgolfur Gudmundsson said: "Eggert Magnusson has done a tremendous job as chairman, often in difficult circumstances, since our consortium bought the club 12 months ago.
"Eggert has decided to move on to new pastures and to pursue his other interests. We wish him well for the future and express our thanks for all that he has done for West Ham."
Magnusson himself said: "I have thoroughly enjoyed my time here at West Ham. From the moment that Bjorgolfur Gudmundsson and I formed the consortium to bid for the club, it has been an honour to be involved.
"Now that I have sold my financial stake in the club and I need to focus a little more on my interests overseas, I think it is the right time to stand down as chairman.
"The last 12 months have not been without their challenges but I feel that we have emerged stronger and fitter as a club."
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