The Indiana Pacers have officially announced that Larry Bird is stepping down as president of basketball operations.
Kevin Pritchard, the team's vice president of basketball operations/general manager, will assume Bird's position.
Bird will remain with the Pacers in an advisory role.
"I felt it was time to step away in a full-time capacity," Bird said in a statement. "This has nothing to do with my health or our team. I'm 60 years old and I want to do other things away from basketball. I will do some scouting for the Pacers, NBA, college, international, do some appearances and stay in a capacity to advise senior basketball management.
"I love the Pacers, I grew up with the Pacers and admired them from a very young age. I want to thank the fans for their support throughout my career. I also want to thank Herb Simon for the many years of loyalty and for allowing me to stay with the team in a different role."
Pacers owner Herb Simon said he is not surprised with Bird's decision and has the "utmost faith" in Pritchard.
"This is not a shock to me as Larry has always been up front about some day stepping down," Simon said. "I thank him for all that he has done and am very pleased he is remaining with the Pacers in a different capacity.
"I have the utmost faith in Kevin taking over. He has learned from a couple of great ones, Donnie (Walsh) and Larry, while with the Pacers. We all feel he will do a tremendous job."
Bird was the president of basketball operations for the Pacers from 2003-2012, winning the NBA's Executive of the Year award in 2012, before stepping away for a year, citing health reasons. He took on the role again before the 2013 season.
Bird, a Hall of Famer as a player with Boston, first joined the Pacers organisation in 1997 when he was named head coach. He took the Pacers to the NBA Finals in his final season in 1999-2000, losing to the Los Angeles Lakers in six games.
The Pacers finished this season with a 42-40 record before being swept in the Eastern Conference first-round playoffs by the Cleveland Cavaliers. Indiana lost all four games by a combined 16 points.
