The World Boxing Organization has a new president following the retirement of longtime leader Francisco “Paco” Valcarcel. Gustavo Olivieri will replace Valcarcel, who had led the organization for decades.

The announcement was made Thursday during the 37th Annual WBO Convention in San Juan, Puerto Rico. Olivieri, who previously served as in-house counsel for the WBO, stepped into the role after a decade as Valcarcel's assistant.

BoxingScene's Lance Pugmire reported the possible development ahead of the formal announcement.

At Thursday’s convention WBO Vice President John Duggan proposed that Valcarcel should assume a senior consultant role, which passed with unanimous approval.