David Stern to retire in Feb. 2014; will be replaced by Adam Silver

David Stern announced he will step down as NBA commissioner in 2014. Deputy Commissioner Adam Silver will take his place. (David Dow/Getty Images)

David Stern announced on Thursday afternoon that he will retire from his position as NBA commissioner on Feb. 1, 2014. Stern announced the news during a press conference on Thursday afternoon; the New York Times's Howard Beck reported on the conference:

"I don’t know what else to say other than to recite what I told the owners yesterday in executive session,” said Stern at the news conference. "I told them that it’s been a great run, it will continue for another 15 months, that the league is in, I think, terrific condition."

The NBA's Board of Governors chose Deputy Commissioner Adam Silver to replace Stern.

According to Yahoo! Sports' Adrian Wojnarowski, Stern had sent an email to key NBA executives prior to the official announcement in which Stern stated:

"The Board has selected Adam Silver to succeed me as NBA Commissioner, and I am very pleased with their choice," Stern said in the email. "As you know, Adam is a world-class business executive who has influenced so many areas of our business during his 20-year tenure with the league, from television, to digital, to international, to merchandising, to sponsorships, to team business, to, of course, labor negotiations. I know that the organization will be in very good hands when Adam becomes Commissioner."