Aston Villa have announced the appointment of Steven Hollis as the club's new chairman.

Owner Randy Lerner, who has had the Premier League outfit up for sale since May 2014, has stepped aside as chairman.

Hollis will largely be in charge of restructuring the club, who currently sit at the bottom of the league table having picked up just two wins in 21 games.

Lerner told the club's official website: "That Aston Villa can and should operate in a far more stable and on a far more successful level, both in terms of football as well as commercially, is plainly clear. It is similarly clear that this great club has not been on stable footing for at least five years.

"In May of 2015 I again reiterated my intention to sell the club or, in the alternative, to shift to a board governance structure that begins with the appointment of a new chairman - a chairman with a proven track record for getting into the thick of troubled organisations, working with embattled executives and getting results. Steve has taken the last six weeks to become familiar with the deeply serious predicament in which the club has found itself and has my total support to address the issues we face.

"We pursued Steve's candidacy in order to continue and strengthen the efforts that commenced in the summer of 2014 with the hiring of Tom Fox. Tom and Steve have spent time throughout December and early January and will therefore be in a position to work closely and immediately across all areas of the club. We anticipate that Steve will give us additional reach within local business circles as well among government and quasi-government organisations. Steve has consistently demonstrated his commitment to Birmingham not only in his private commercial roles but also recently as deputy chair of the LEP and chair of the Birmingham Met."

Lerner added that he will "remain engaged" with the board, but will be at a "further distance" as he now lives in the United States permanently.

Hollis said: "When Randy approached me last November, chairing one of the UK's best known football clubs was not, quite frankly, on my list of possible opportunities. As I have got to know Randy and spent more time with Tom Fox and Remi Garde it has become increasingly clear that a strong board that drives the necessary discipline and leadership will be at the core of the changes that are needed to overcome the under-performance Aston Villa has experienced over the last five years.

"As we have witnessed in the Premier League this year with other clubs - money no longer buys success. Randy has consistently provided financial backing no less so than last year. Our future success however lies in building a winning culture that is underpinned by a commitment to continuous improvement both on and off the pitch.

"The business of football is no different to any other business in this respect. We have the talent and great assets at Villa Park and Bodymoor Heath. The club needs a shake up and with Randy's continued support the Board will look forward to working with Tom and Remi to help drive the changes that our fans rightfully demand and that our city can be proud of."

Villa's next game is against Leicester City at home on Saturday.