Updated at 4:05 p.m.

Tom Schieffer, former president of the Texas Rangers and an ambassador during the presidency of George W. Bush, has been appointed trustee of the Los Angeles Dodgers.

The trustee is expected to “oversee all aspects of the business and day-to-day operations,” Commissioner Bud Selig said in announcing his decision to take over the financially-troubled team last week.

“We are very fortunate to have someone of Tom Schieffer's stature monitor the operations of the Los Angeles Dodgers on behalf of Major League Baseball,” Selig said in the statement released by MLB. “Tom is a distinguished public servant who has represented the nation with excellence and has demonstrated extraordinary leadership throughout his career. The many years that he spent managing the operations of a successful franchise will benefit the Dodgers and Major League Baseball as a whole. I am grateful for Tom's acceptance of this role.”

Schieffer, 63, was president of the Rangers from 1991-99, when the team was owned by a group headed by Bush and won three division championships. During Bush’s presidency, Schieffer was ambassador to Australia from 2001-05 and to Japan from 2005-09. Schieffer is the younger brother of Bob Schieffer of CBS News.

The news was first reported by the Los Angeles Times.