NEW YORK (SI.com) -- New Jersey Nets President Rod Thorn will step down from his position next month, a league source confirmed to SI.com. Thorn, whose contract was set to expire on June 30th but was widely believed to be a part of the team's long term plans, leaves a gaping hole in the teams front office.
USA Basketball Director Jerry Colangelo is believed to be a candidate for the job.
Thorn, 69, was expected to be a part of new owner Mikhail Prokhorov's front office until he told team officials recently he would be stepping down. The Nets president has held the position with the team since 2000.
On Thursday, Thorn oversaw New Jersey's draft selections, picking Georgia Tech's Derrick Favors third overall and trading two other picks for Texas guard Damion Jones, who was originally selected 24th overall by Atlanta.
Thorn and Prokhorov recently hired former Dallas Mavericks coach and ESPN analyst Avery Johnson as the team's head coach. With an abundance of cap room, the Nets are also expected to make a splash in this summer's free agent market. Who will oversee their summer spending has yet to be determined.