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.
"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."