NBA commissioner David Stern will retire Feb. 1, 2014 and deputy commissioner Adam Silver will step up to replace him, the league announced today.
The retirement date will mark 30 years since Stern was named commissioner on Feb. 1, 1984.
"One year for each of the 30 teams in the NBA is all I can say," he said about his retirement date. "It seemed like an interesting time. I had to pick a time."
The league also announced that San Antonio owner Peter Holt will replace Timberwolves owner Glen Taylor as the Board of Governor's chairman.
Taylor has been the Board's chair since October 2008, and in that time he oversaw the new labor agreement reached after a five-month lockout last year.