Uli Hoeness was elected Bayern Munich's new president last night, bringing to an end over 30 years as the club's general manager.

Over 99% of a record turnout of 4,490 people gave Hoeness their seal of approval as he replaced Franz Beckenbauer as the club's president for at least the next three years.

In turn, Beckenbauer was nominated as the club's new honorary president and it was also revealed that the Kaiser will be given a testimonial game against Real Madrid next summer since he was never actually given such a farewell match when he ended his career.

"I am totally overwhelmed by this amazing backing and support," said Hoeness as he took to the stage, almost fighting back tears at times.

"I can assure you that I will be totally committed over the three years I have been elected for to get FC Bayern back to where we want them to be."

The annual general meeting also provided positive news off the field with an operating profit announced for the fifth year running.

The Bavarian club made a surplus of 2.5 million euros in the 2008/09 financial year, even when off-setting losses of 10.4 million euros related to the extraordinary purchase of city rivals 1860 Munich's share in the Allianz Arena.

"I believe we can fairly say that we can be happy with this result of a 2.5-million-euro profit, considering the economic climate at present," explained the board's financial director Karl Hopfner.

"We would like to thank everybody, particularly all of the employees and partners, for contributing to this result."

Bayern coach Louis van Gaal was also present and he was greeted with a mixture of whistles and cheers as he arrived with the team's representatives Mark van Bommel, Philipp Lahm and Bastian Schweinsteiger.

Bayern currently lie seventh in the Bundesliga, six points adrift of the league leaders, while they are on the brink of elimination from the Champions League after only the group stage.

But Beckenbauer gave the team his backing to succeed despite the current adversity.

"Louis van Gaal is new and the team is almost new, we need to be patient and give them time," he said during his final speech as the club's president.

"Maybe, if it is possible, we could get one or two more trophies this year. That would be nice."