Key quit his post as Royston Town's goalkeeping coach to return to The Glass World Stadium on Friday and take the helm following Fallon's decision to move upstairs as director of football.
The Stutes boss, pictured above, needs no introduction to Histon supporters after a long and distinguished history with the EVO-STIK League Southern Division One Central club. After kicking off his playing career at Bridge Road, he went on make more than 120 appearances between 2008 and 2014 and most recently was assistant manager to former manager Brian Page.
In a statement on the Cambridgeshire club's website, the Stutes confirmed that Key is keeping Mark Clements on in his current role of assistant manager while Simon Day continues as first team coach.
New role: director of football Steve Fallon
As well as overseeing all football at the club from the academy up, Fallon, who also helped choose his successor, will concentrate on developing Histon's profile and engagement with their local community.
Fallon said: "There's a lot going on at the club at the moment with the new academy, the scholarship growing and our plans to launch a new scholarship for girls that will tie in with the ladies' team next year.
"On top of all that, there's the 3G pitch project to get involved with so I thought it was time I concentrated my efforts on the development of the whole club rather than just the first team."
He added: "My first act in this role was to identify the new manager and I'm delighted that Lance accepted the offer. He was my first choice and I'm confident he will be successful."
Key, who switched to Royston last October, will make his debut in the home dugout at Histon on Tuesday when they replay Diamonds in the FA Trophy.
Before kicking off on Saturday, he told fans: "This is a club close to my heart. It's a great opportunity for me and I want to thank Steve and the board for giving me this chance.
"It's clear that we need to start getting results again as quickly as possible and I'm looking forward to working closely with Matt Clements and the rest of the staff to achieve that."
He added: "I’m also really pleased that Steve is staying at the club, he too has an important role to play in the future and we will all work closely together to move the club forward both on and off the pitch.”
Images courtesy of www.histonfc.co.uk
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