Message of thanks
"We would like to thank him for his contribution to the club and continue to think of him as an integral part of the club," said a club statement.
Under Filippides, Panathinaikos reached the quarter-finals of the Champions League in 2002 and the UEFA Cup this year, but could not break local rivals Olympiakos Piraeus FC's grip on the domestic title. His place will be taken by Argiris Mitsou.
The new president has been with Panathinaikos for 18 years and is a close friend of the owners, the Vardinoyiannis family. He was the team's doctor from 1985 to 2000 and has been a member of the administration board ever since.
The announcement came on the day the club's new coach, Itzhak Shum, arrived in Athens. The former Maccabi Haifa FC manager made no comment to waiting reporters at Athens airport.
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