UPDATE: HAWTHORN chief executive Stuart Fox has committed to stay at the club for at least the next five years.
Acting president Richard Garvey revealed the news in an e-mail to members on Tuesday night, just hours after replacing Andrew Newbold.
Fox has been at the Hawks since 2009.
Newbold stepped down on Tuesday, citing family reasons.
In his first interview since announcing his surprise departure, Newbold told AFL.com.au he was endorsing vice-president Garvey to take on the coveted position full-time.
Newbold added also gave an insight into contract talks with four-time premiership coach Alastair Clarkson, saying he will likely re-sign soon.
"It's probably a matter for Richard and Stuart now," Newbold said when asked about negotiations with Clarkson.
"Having said that, I can say that so far everything's been positive and like the previous couple of extensions with 'Clarko'," he said.
"Suffice to say, I don't think he's going anywhere."
Newbold insisted he hadn't given any thought to the possibility of one day serving as an AFL Commissioner, but didn't rule out a future in football.
"I haven't actually given that much thought, I'll just sit back and play a bit of golf now, and look forward to what the future might hold," he said.
"I've become incredibly passionate about the sport over the last 13 years."
"It's sort of in my blood now, so I'll take a break and then have a look at what might come my way."
"Obviously going to the footy in my jeans will be something that I'm looking forward to, and spending a bit more time with the family."
Newbold said Garvey was a "safe pair of hands" and will be able to see the club through its relocation to a state-of-the-art training base at Dingley in south-east Melbourne.
"At this stage it's looking really positive, and we're intending for it to go ahead," he said of the club's forthcoming move.
Didn't do a great job today telling players & staff of my decision to stand down - too emotional #HawthornAlways— Andrew Newbold (@NewboldAndrew) February 2, 2016
Garvey, a financial consultant and former club auditor, joined the Hawthorn board in 2010.
Garvey will step up as acting president for the next 11 months, following Newbold's immediate departure, but his letter to members almost read like a victory speech.
"As your new president, I want to share with you my Hawthorn journey and my vision for the future," Garvey wrote.
He went on to concede he hadn't always been a Hawthorn fan.
A board member for 13 years, Newbold replaced Jeff Kennett, to lead the club through its most successful era since the 1980s.