Arsenal have Stan Kroenke and Josh Kroenke as Co-Chairs, while Tim Lewis has become the Executive Vice-Chair, the club have announced.
The decision to formalise the positions reflects the club's leadership structure's evolution since Kroenke Sports & Entertainment took over 100% ownership of Arsenal in 2018.
Back in 2013, Josh Kroenke was appointed as a non-executive director at Arsenal and since then, he has played a key role in the club's leadership structure.
Meanwhile, Lewis left his role at law firm Clifford Chance last year to focus more on his role with the Gunners.
Lewis has a long-standing relationship with the Kroenke family and advised the Kroenke family during the 2007-2018 period when Kroenke Sports & Entertainment invested heavily in Arsenal.
Lewis's expertise played a vital role in the acquisition of the club by KSE, which has led to the recent evolution of the club's leadership structure.
Commenting on the announcement, Stan Kroenke said, "This is a simple evolution as part of us all driving Arsenal forward and further reaffirms our family's long-standing commitment to this great club."
He also noted that stability in football has never been more important as the sport moves past the pandemic, and the appointments bring a sense of stability to the club.
What does the change mean for Arsenal?
The change in leadership means very little for the club itself and it is a formalisation of working processes that have been like this for a while.
However, sources have told LondonWorld that Lewis has essentially been a de facto chairman for the club since he arrived, with suggestions that he is one day likely to become chairman.
For now, the announcement comes at a perfect time with fan support at an all-time high and the club currently top of the Premier League.