Outgoing chairman Peace has been on the West Brom board for 16 years
West
Brom chairman Jeremy Peace has agreed a deal to sell the club to a
Chinese investment group led by entrepreneur Guochuan Lai.
Former Blackburn chief executive John Williams will replace Peace, who has been chairman for 14 years."My immediate priorities will be to maintain the club's stable structure, respecting its well-run nature and its heritage," said Lai.
"I have no intention of changing the club's ethos."
He added: "I believe that we have a competitive team, with the right management and coaching staff in place."
Entrepreneur Lai, 42, oversaw the growth of landscaping company Palm in his home country before retiring in May 2014 to focus on private investment.
Palm, which was valued at £1.8bn on the Chinese stock exchange, has contributed to the takeover.
The deal was agreed in June and is dependent on approval from the Financial Conduct Authority and the Premier League.
Fellow Midlands clubs Aston Villa and Wolves have also been taken over by Chinese investors this summer.