Ron Gauci replaces Frank Stanton, who has been acting chief executive of the club since April 22.

‘‘I don’t underestimate the enormity of the challenges we face but I do know we have fantastic foundations to build upon – a magnificent club culture and extraordinarily loyal and dedicated supporters,” Gauci said in a statement.

“Our players, supporters and employees have shown remarkable resilience and great pride since April, and I will work hard to build on this foundation and win their ongoing support.”

Gauci, who has held senior management and executive positions with various companies including Telstra and IBM, was unveiled at a media conference in Melbourne this afternoon.

League circles were abuzz with speculation today when a press release for a "major announcement" was sent out that the Storm were about to announce that Greg Inglis, one of its 'big four’, would be joining the Brisbane Broncos next season.

At least one newspaper reported the imminent departure of the superstar on its website before taking down the article.

However, Melbourne instead announced Gauci as the replacement for former chief executive Brian Waldron and former acting chief executive Hanson, who were both implicated in the club’s large scale salary cap rorting that has seen it lose two premierships and be consigned to playing this season for no points.