And he said that he is leaving the club in a strong position.
"I've enjoyed my time as chairman immensely but the time was right, with high-quality individuals recruited for each of the key management roles and the club heading in the right direction," added Mort.
"I look forward to supporting the team next season and will get to as many matches as I can."
Llambias, who was appointed deputy chairman in May 2008 and is a long-term associate of Ashley, said: "We have the right people with the right expertise.
"With Kevin Keegan back as manager and being fully supported by Mike Ashley and the directors to take the club forward again."
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.