Rummenigge, the former Bayern Munich, Inter Milan and Germany striker, had been appointed as the first chairman of the ECA when the organisation replaced the G-14 group of Europe's biggest football clubs in 2008.

He announced last month he would be stepping down at this year's ECA General Assembly in Geneva. 

“My predecessor, Karl-Heinz Rummenigge, has set a great example and has set the bar of achievements at a very high level," said Agnelli.

"I am looking forward, together with the Executive Board and the Administration, to build on his significant results as we manage ECA in the coming years."

The 41-year-old, a member of the famous Industrialist Agnelli family, has been a member of the ECA Executive Board since 2012. 

Agnelli also represents the interests of the ECA, which represents more 200 of Europe's top clubs, on the UEFA Executive Committee.

At today's meeting, Arsenal chief executive Ivan Gazidis was voted by the ECA to be their second representative on the UEFA Executive Committee. 

UEFA is expected to give the ECA’s two club delegates full voting rights when it meets for an Extraordinary Congress in Geneva on September 20.

"It is a huge honour and a great responsibility the European clubs have entrusted me with," said Agnelli following his election as chairman.

"I am looking forward to working closely with all stakeholders within the game in order to protect, promote and develop club football at all levels across Europe.”

The ECA also elected 11 Board members today and named its four representatives to UEFA’s professional football strategy council as Barcelona’s Josep Maria Bartomeu, Ed Woodward of Manchester United, Paris Saint-Germain's Qatari owner Nasser Al-Khelaifi and Celtic's Peter Lawwell.

Rummenigge delivered a farewell address in which he said his organisation "has achieved more than we dared to hope."

He was appointed as honorary chairman by the ECA. 

"Over the past 10 years we have never given up our sense of solidarity," said the chief executive of Bayern Munich. 

"The small ones understand the big ones, and the big ones bear responsibility for the small ones. 

"The reform of the European club competitions has proven this again. 

"Everyone will benefit from increased revenue, and we have increased solidarity payments by more than 40 per cent from €199 million (£182 million/$237 million) to €284 million (£260 million/$338 million). 

"I am proud of that.”