Originally published on ProWrestlingSheet.

Smashing Pumpkins singer Billy Corgan is the new President of TNA Wrestling, but his boss Dixie Carter isn't leaving the company ... in fact, she'll still be his superior.

TNA officials announced Corgan's new position today and the press release states that Carter, the current President, will become Chairman and Chief Strategy Officer of IMPACT.

The company explained, "As President, Billy Corgan will be responsible for leading day-to-day operations for IMPACT and its affiliated brands. As Chairman, Carter will focus on long-term planning, strategic partnerships and global growth."

Last month it was reported that Billy had purchased a stake in TNA.  Our sources say that's not accurate, however. We're told he was simply promoted to a greater role within the company.

Dixie praised Corgan's dedication to the company in the press release ... saying, "In working with Billy over the last 16 months, he has impressed me to the point that I’ve been in discussions with him to take an elevated strategic leadership role within the company. The more we discussed our vision for the organization, the clearer it became that position needed to match his commitment."