Trail Blazers president Chris McGowan resigns as franchise investigates GM Neil Olshey

Portland Trail Blazers president Chris McGowan informed the franchise that he’s resigning, league sources told Yahoo Sports.

Dewayne Hankins will be promoted to president of the Trail Blazers, effectively immediately, sources said. Hankins was the chief commercial officer and executive vice president of the franchise.

The Trail Blazers confirmed the news by releasing a statement announcing the "president transition" that will happen Nov. 26.

“We are grateful for Chris’s contributions since joining the Trail Blazers nearly a decade ago,” said Jody Allen, chair of the Trail Blazers, in the statement. “I appreciate his dedication to the organization and to our fans, and we wish him well in his next chapter.”

McGowan joined the franchise in 2012.

The move comes shortly after the Trail Blazers launched an investigation, reported last week, on president of basketball operations and general manager Neil Olshey.

Trail Blazers continue to probe Neil Olshey

The franchise is currently investigating Olshey for allegedly creating a toxic and hostile work environment.

Staff members allege intimidation, profanity-laced tirades and bullying, sources said.

After interviewing employees at the practice facility late last week, O’Melveny & Myers — the firm enlisted to investigate the claims — extended its investigation to interviewing individuals outside of personnel at the practice facility, including former and current employees, sources said.

That process was expected to last a few weeks before a ruling on Olshey's future.

Olshey, 56, joined the Trail Blazers in 2012 after a stint with the Los Angeles Clippers.