Denver Nuggets general manager Masai Ujiri accepted an offer from the Toronto Raptors to become the Raptors' general manager, both teams announced Friday.
Ujiri agreed to a five-year, $15 million contract from the Raptors, according to a Yahoo! Sports report.
"I appreciate everything Masai has done since re-joining the Nuggets in 2010," Nuggets president Josh Kroenke said in a statement. "Over the past two and a half years, he and I have spent countless hours working together to tackle some of the toughest challenges in franchise history.
"I have tremendous admiration for him as a colleague and will always consider him to be a great friend. Our search for a new executive will begin immediately, and I will make an announcement once that process is concluded."
Ujiri was voted the NBA executive of the year this past season, helping the Nuggets achieve the third best record in the Western Conference.
Denver offered Ujiri a contract extension, and Ujiri, 42, had been considering the Toronto offer for a week before reaching a decision on Friday. Ujiri had been as an assistant GM with the Raptors before accepting the Nuggets' job in 2010.
It's a significant hire for new Maple Leaf Sports and Entertainment CEO Tim Leiweke.
Ujiri is likely to let Dwane Casey remain as head coach for the 2013-14 season, sources told Yahoo! Sports.