Watford board member Graham Simpson has taken over as chairman of the First Division club, according to the team's fansite Hornets' Nest, on September 26, 2002
Simpson, a lifelong fan of the Hornets, the affectionate nickname of Watford, faces a tough task given the club's financial problems.
Watford's players saved the club from going into administration by agreeing a 12% pay deferral earlier this week.
Simpson is the founder and former owner of the Simply Travel holiday
company. He takes charge following Sir Elton John's decision to step down in May.
"I'm very proud and honoured. It surpasses any dream I had as a boy standing on the terraces," Simpson said. "However my pride and joy are tempered by the financial situation we are in.
"I'm under no illusions and I am absolutely committed to turning things
round. The last few days have been difficult but we have pulled no punches. I am proud and astonished even by the response from our players and staff. It is unsurpassed."