Bud Selig will retire in January of 2015.
Bud Selig will retire in January of 2015. (USATSI)

More MLB: Power Rankings | Expert Picks | Latest news & notes | Fantasy news

MLB commissioner Bud Selig will retire at the completion of his current term, which ends Jan. 24, 2015. Understandably not wanting to wait until the last minute to name his replacement, Major League Baseball is moving forward with the selection process.

Thursday, MLB Executive Council announced that it has formed a succession committee to help select the next commissioner.

The committee will be tasked with gathering input from all 30 teams while overseeing the process of selecting a new commissioner.

The seven-person committee of owners/CEOs/chairman is as follows: Bill DeWitt (Cardinals), Dick Monfort (Rockies), David Montgomery (Phillies), Arte Moreno (Angels), Bob Nuttig (Pirates), Jim Pohlad (Twins) and Jerry Reinsdorf (White Sox).

DeWitt is serving as the chairman of the committee.

"Our committee will conduct a thorough, discreet process and ultimately will provide guidance to the Executive Council on identifying a successor," DeWitt said in a statement. "All of the parties involved share the goal of acting in our game's best interests, and thus we will refrain from commenting out of respect for the confidentiality of the process."

Selig, 79, has been leading MLB since Sept. 9, 1992 when he was elected interim commissioner. He was then named full-time commissioner July 9, 1998, becoming MLB's ninth commissioner.