TNA announced a major shakeup today, promoting Billy Corgan as the new TNA President, replacing Dixie Carter who will now be assuming the role of Chairman and Chief Strategy Officer.

The Smashing Pumpkins frontman joined TNA in April 2015 as the Senior Producer of Creative and Talent Development. A few months ago he injected some much-needed cash into the company to keep it afloat, becoming a minority owner in the process.

In his role as President, Corgan will be taking over the day-to-day operations of TNA Wrestling while Carter will be in charge of long-term planning, partnership, and global growth.

“Billy is a visionary, an iconic artist and savvy businessman with an incredibly gifted creative mind. He has built a decades-long successful global brand, and also has a deep passion and understanding for professional wrestling,” said Carter.

Carter added that they are entering an “exciting era” in TNA and they will be working together to continue to define the brand, develop global strategies for success, and structure for future investment and growth.

“I believe in this company, its passionate fans, the talented roster and the dedicated staff and crew,” said Corgan. “I am committed to this great opportunity and will use all of my resources and connections to drive the success of this company. This year we have made significant strides in establishing a strong foundation for our future and will be aggressive in continuing to evolve and grow the IMPACT brands.”