Manchester United Ltd. /zigman2/quotes/205140601/composite MANU +0.46% /zigman2/quotes/208081297/delayed UK:0Z1Q 0.00% named on Thursday Richard Arnold as its chief executive, effective Feb. 1. Arnold, who was formerly group managing director, will become CEO as Ed Woodward steps down from his role of executive vice-chairman after nine years in the role. Shares of the U.K.-based soccer giant were still inactive in premarket trading. "We are now looking forward to Richard and his leadership team opening a new phase in the club's evolution, with ambitious plans for investment in Old Trafford, the strengthening of our engagement with fans, and continued drive towards our most important objective -- winning on the pitch," said Executive Co-Chairman Joel Glazer. The stock has dropped 13.8% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.58% has gained 7.7%.