NEW YORK--Billy Martin was named manager of the New York Yankees for the fifth time yesterday, replacing Lou Piniella who was promoted to general manager.

Piniella replaced Woody Woodward, who had asked to be relieved of his duties in that area, the club said in a statement.

"I'm anxious to return as Yankee manager and I'm looking toward bringing an exciting and winning team to Yankee fans," Martin said in the statement.

Piniella said in the statement, "I feel this is a step forward in my baseball career and gives me the opportunity to learn a new facet of the game."

The Yankees finished fourth in the American League East, nine games behind first-place Detroit, in Piniella's second season as manager. The Yankees were second in his first year.

Yankees owner George Steinbrenner had met with Piniella last Thursday and there had been reports that Piniella would be fired and replaced by Martin.

On August 8 in Detroit, Steinbrenner issued a two-page statement in which he admitted that maybe he made a "mistake" by hiring the inexperienced Piniella as manager. He later reminded everyone that what counted was the "bottom line."

The bottom line was that the Yankees, who led the American League East by three games at the All-Star break, finished fourth with an 89-73 record.

"Nothing Lou did hurt us in any way," Yankees first baseman Don Mattingly said. "He did what he could. He put the best players on the field every day and made the right moves. We just didn't produce. We didn't play well when we had to. But we never lost respect for Lou. Never. We played hard for him."

Piniella had one year remaining on his two-year contract--though Steinbrenner's decisions have never been affected by that.

"I had a job to do and did it to the best of my ability," Piniella said in the last week of the season. "I just would've liked to have seen this club if we stayed intact. But we've talked enough about injuries. We're not making excuses. It's just a shame."

The Yankees suffered major injuries to their first two hitters in the lineup--outfielder Rickey Henderson [right hamstring strain] and second baseman Willie Randolph [torn knee cartilage and eventual surgery], who missed a combined 109 games.

Piniella did not talk with Steinbrenner for almost a month after missing a scheduled call from his boss on August 3. Piniella later apologized for not being in his hotel room to accept the call.

He was 90-72 in his first year as manager, and his two-year record was 177-145.

Martin is the Yankees' 15th manager since Steinbrenner bought them from CBS 15 years ago.

He last was dismissed as Yankees' manager on October 27, 1985, just before the start of Game 7 of the World Series between Kansas City and St. Louis. he had been named manager that April 28, replacing Yogi Berra 16 games into the season.

On September 20 in Baltimore, he got into a fight with a bar patron at the Cross Keys Inn, where the Yankees were staying. The next night, he broke his arm as he fought Yankees' pitcher Ed Whitson in the hotel lobby, in an elevator and in the parking lot.

Although the Yankees were 91-54 under him, Steinbrenner decided to make switch to Piniella.

For the last two seasons, Martin has been an advisor to Steinbrenner and a television commentator on Yankees' broadcasts.

Martin's first term as Yankees' manager was his most successful. He replaced Bill Virdon on August 2, 1975, two weeks after he was fired by the Texas Rangers.

In 1976, New York won the its first pennant since 1964 and in 1977, the Yankees won the pennant and took the World Series from the Los Angeles Dodgers in six games.

But the Yankees fought while they won. Martin nearly brawled with Reggie Jackson in the dugout at Fenway Park on June 18, 1977. It was a dispute with Jackson that led to Martin's first Yankee firing the next season.

On July 18, 1978, Jackson ignored Martin's instructions to bunt in a game. Jackson was suspended for five days. Martin continued to show anger at his star player and on July 23 at O'Hare Airport in Chicago, Martin said of Jackson and Steinbrenner: "One's a born liar; the other's convicted."

Martin resigned in tears the next day on a hotel balcony in Kansas City, Mo., and he was replaced by Bob Lemon. But just five days later, Steinbrenner announced that Martin would return as manager in 1980.

Steinbrenner could not wait that long, and Martin returned for a second term on July 18, 1979. The Yankees, shaken by the death of Thurman Munson, were 55-41 under Martin, finishing fourth, and he was fired on Oct. 29.

He went to the Oakland Athletics for three seasons and was twice named AP American League Manager of the Year.