(CNN) -- AS Monaco have promoted their Norwegian technical director to chief executive as the Ligue 2 team announced a management restructure as part of their strategy to return the French club to former glories.
After buying a majority stake in the seven-time French champions in December 2011, billionaire Russian businessman Dmitry Rybolovlev has handed Tor-Kristian Karlsen, who before joining Monaco as technical director in March 2012 worked as a scout for Zenit St Petersburg, the dual role of CEO and director general.
The club won the last of their French league titles in 2000 and were Champions League runners-up in 2004, before they relegated to Ligue 2 in 2011.
However, Rybolovlev, who according to Forbes has a net worth of $9 billion and is the 13th richest man in Russian, has ambitious plans to revive Monaco.
In the summer Monaco appointed experienced Italian manager Claudio Ranieri as their new coach and signing promising Argentine youngster Lucas Ocampos for a reported $19m from River Plate.
As well as establishing a reputation as a scout who was capable of identifying emerging global talent, Karlsen was briefly Norwegian club Frekrikstad's sporting director between September 2008 and January 2009.
"The management can now focus all its efforts on achieving sporting performance," Rybolovlev told the Monaco website.
"I am delighted to welcome Tor-Kristian Karlsen to his new position of Director General and CEO -- he has exactly the right qualities and experience to drive the future performance of ASM."
As part of the restructure, Dmitry Chechkin is to step down as vice-president, with that role to remain vacant.
Monaco are currently second in Ligue 2, a point behind Dijon.