Bryan Colangelo has stepped down as President of Team and Business Operations of the NBA's Toronto Raptors, the team announced Wednesday.
The team said Colangelo will become a consultant to the team and Maple Leaf Sports and Entertainment, the parent company of the Raptors.
In his now former role, Colangelo was the team's chief executive officer and general manager.
However, team ownership announced May 21 that it would be looking to hire a new GM, with Colangelo retaining his presidency position.
Colangelo's former assistant with the Raptors, Masai Ujiri, who had spent the previous three years as executive vice president of basketball operations with the Denver Nuggets, signed a five-year, $15 million deal on May 31 to become the Raptors' new GM.
Son of former longtime NBA executive and currently USA Basketball chief Jerry Colangelo, Bryan Colangelo came to the Raptors in 2006 as President and GM after 11 years with the Phoenix Suns, working much of that time under his father.
"Having had a better chance to reflect on things for the past several weeks, I have concluded that stepping away from my position is the best course of action for the organization and everyone involved," Colangelo said in a statement released by the team.