(CLEVELAND) — Jimmy Haslam III was introduced as the new owner of the Cleveland Browns on Tuesday. In his first move as owner, Haslam announced that Mike Holmgren is out as team president.
“Mike was brought in to be the president and I think in a lot of ways, the de facto owner,” Haslam said. “With us coming in and taking a more active role, Mike has decided, effective at the end of the year, to leave the Cleveland Browns and retire.”
Former Eagles President Joe Banner will replace Holmgren as chief executive officer.
The Browns are 10-28 since Holmgren took over in 2010.
Copyright 2012 ABC News Radio
Jill Martin, CNN