David Stern to retire Feb. 1, 2014; Adam Silver elected to become NBA commisioner

The office of the commissioner will transition from David Stern to Adam Silver in 2014. (Getty Images)

Commissioner David Stern announced Thursday that he will retire from his position as head of the National Basketball Association on Feb. 1, 2014. The Board of Governors has unanimously voted to negotiate with Adam Silver to replace Stern as commisioner of the NBA.

Stern took over on Feb. 1, 1984, which would give him a full 30 years as commissioner. New Chairman of the Board Peter Holt announced that a contract next April for Silver to take the reins.

In the press conference, Stern seemed his usual glib self, saying that he's stepping down, not retiring. He spoke highly of Silver, saying he began considering him as his replacement when Silver became deputy commissioner six years ago. Silver credited Stern, saying that he would go down as "the best of all time" not only as commissioner of a sports league but as a CEO. Holt described the approval of Silver as Stern's successor as "a no-brainer."