Colangelo joined the Raptors in February 2006 as president and general manager. Toronto finished the 2012-13 season with a 34-48 record and have missed the playoffs each of the past five years.
“Having had a better chance to reflect on things for the past several weeks, I have concluded that stepping away from my position is the best course of action for the organization and everyone involved,” Colangelo said.
“I would like to personally thank Larry Tanenbaum, Dale Lastman, MLSE’s ownership and family and the wonderful people of Toronto for the opportunity to serve them over the last seven years. The support, kindness and adulation that has been displayed to me and my family has been overwhelming, and our friendships and experiences will last a lifetime.”