The long-standing former player Hoeness has stepped aside, with the man he nominated as his successor at the Allianz Arena now stepping into his shoes
Herbert Hainer has been confirmed as the new president of Bayern Munich.
The former Adidas CEO was nominated by Uli Hoeness as his successor in August when the former Bayern star announced he would be stepping down.
Hoeness was given a standing ovation at Bayern's annual general meeting on Friday, the final day of his presidency at the Allianz Arena.
The 67-year-old, who will continue in his role with the club's supervisory board until November 2023, has been associated with Bayern for 49 years.
Hoeness was a prominent player until injury forced him to retire at the age of 27, after which he took over as the club's general manager.
His presidency has brought about 21 major trophies, including the treble of 2012-13 and seven Bundesliga titles in a row.
He resigned in 2014 after being sentenced to three and a half years in prison for tax evasion but was re-elected unopposed in November 2016, nine months after his release.
Karl-Heinz Rummenigge backed Hainer to be a worthy new president, and praised his own future successor as chief executive, Oliver Kahn, who is due to assume that role in 2022.
Speaking at the AGM, Rummenigge said: "I am sure that with these great personalities at the top, there is no need to worry about the future of Bayern."
Hainer added: “Bayern Munich is the best club in the world. It is a pleasure and a great honour to be standing before you here today.
“I bow down to Uli for his life’s work. What you’ve achieved for this club is simply extraordinary."
Hoeness concluded an emotional farewell speech by simply saying: "It was a wonderful time! That's it, I'm finished," echoing a speech given by former manager Giovani Trappatoni.
Bayern have also confirmed that interim manager Hansi Flick is set to remain in charge of first-team matters until at least Christmas, and could stay longer than that.
A number of high-profile coaches have been linked with taking the job permanently, but Flick will be given the chance to stake his own claim after Rummenigge said: "We trust him."
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