Prior to the "UFC 125: Resolution" press conference Wednesday, UFC president Dana White and CEO Lorenzo Fertitta announced that UFC Hall of Famer Chuck "The Iceman" Liddell has officially retired from the Octagon and will become the new Executive Vice President of Business Development for the UFC.
White said Liddell now will be on par with the top executives in the company.
"Chuck will be involved in many things," Fertitta said. "He'll be working on regulatory issues, fighter relations, but mainly new business development."
Fertitta said Liddell also will work with the UFC's ever-growing international expansion.
An emotional Liddell thanked White, Fertitta, his family and fans as he took the podium for some brief comments.
"I love this sport," Liddell said. "I'm excited to move on to this new stage of my life and promote the best sport in the world."
Fertitta emphasized Liddell's extensive martial arts background in what he will bring to the table for the UFC.
"This is a big deal to us as a company," Fertitta said. "We're excited to make this announcement. It's a historic event for our company."
Liddell, the company's former light-heavyweight champion, finishes his career with a 21-8-0 record but lost five of his last six fights, suffering knockout losses in four of those five losses, including in his final fight, a first-round knockout defeat at the hands of Rich Franklin.
His final win came at UFC 79, three years to the day of his official retirement, when he beat Wanderlei Silva in a long-awaited grudge match.