Yahoo is reporting that the National Basketball Association commissioner David Stern will retire at the end of the 2014 season. The announcement came at an NBA Board of Governors meeting Thursday.

Deputy commissioner Adam Silver has been named Stern's replacement once he steps down.

"The Board has selected Adam Silver to succeed me as NBA Commissioner, and I am very pleased with their choice," Stern said to Yahoo in an email. "As you know, Adam is a world-class business executive who has influenced so many areas of our business during his 20-year tenure with the league, from television, to digital, to international, to merchandising, to sponsorships, to team business, to, of course, labor negotiations."

Stern has served in the NBA since 1966 when he began as an outside counsel at Proskauer Rose. Starting in 1978, he became the General Counsel under former commissioner Larry O'Brien until 1980 when he was named Executive Vice President according to Yahoo.

Stern was responsible for many things as Vice President of the NBA Stern including introducing team salary cap and drug testing according to NBA.com. With the introduction of drug testing, players no longer felt they could get away with as much as they use to and started acting a little more responsible off the court.

In February of 1984 Stern was announced as the new Commission of the NBA, a position he has held since. He is the longest-tenured commissioner in professional sports according to The International Business Times.

Silver has been the Deputy Commissioner and Chief Operating Officer since 2006. Overall according to NBA 101, he has been in the league for over 14 years. He is responsible for NBA Entertainment and in 2003 he was named in TIME Magazine and CNN's listed as of the most influential people in Global Business.

"I know that the organization will be in very good hands when Adam becomes Commissioner," Stern said at the press conference.

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