On his fourth day as president, former Los Angeles Lakers coach and longtime friend and confidante Larry Bird will step down from his role with the team.
Bird will remain as the head coach of the Orlando Magic.
Bird, 55, has been with the Lakers since 2009.
He spent six seasons as an assistant coach with the Suns, New York Knicks, Indiana Pacers, Orlando Magic and Chicago Bulls.
He was a member of the Lakers coaching staff for 10 seasons, winning four championships and leading the franchise to six NBA titles.
Bird spent one season as the Knicks’ head coach, guiding them to the 2008 NBA Finals.
Bird’s decision came as a shock to the basketball world.
He had worked with many of the best coaches in the game, and had been a big part of the success of the Magic and their successful run to the NBA Finals last season.
A veteran of the NBA for almost 30 years, Bird had become an integral part of some of the most famous teams in the league, including the Knicks, Celtics and 76ers.
He coached the Celtics to two NBA championships, the longest championship run in NBA history.
NBA commissioner Adam Silver said Bird’s decision was an absolute honor.
“He had so much respect for our organization and our fans,” Silver said.
“He will always be a special coach to all of us.
Larry Bird was the coach of our franchise for decades, and we will miss him.
I wish him the best of luck in his new position.”
Bird was named the first inductee into the Naismith Basketball Hall of Fame in January.
He is also a former member of ESPN’s Basketball Hall Of Fame.
Sources told ESPN that Bird’s deal with the Magic, which had been set to expire after this season, was set to go through a buyout process, which would have seen Bird relinquish his coaching duties.
Bird and his representatives did not immediately respond to requests for comment.
The Associated Press contributed to this report.