April 23 (UPI) -- Longtime Houston Rockets CEO Tad Brown announced Friday he will step down from his position at the end of the 2020-21 NBA season.
"It has been the greatest honor of my professional life to lead the Houston Rockets and Clutch City Sports and Entertainment," Brown said in a statement. "... I am excited to see what the future holds for the franchise. Led by Tilman, Patrick and the Fertitta family, the Rockets organization is in great hands for generations to come.
"I'm also excited to see what the future holds for me and my family as we look to our next adventure. The Houston Rockets and Toyota Center personnel -- past and present -- have become an important part of our lives and will always live in our hearts. They're our family forever. What a privilege it has been to be a small part of Clutch City's history, truly the experience of a lifetime."
Brown initially joined the Rockets organization as vice president of corporate development in 2002. He was promoted to chief executive officer in October 2006.
Brown's resignation continues the Rockets' dramatic overhaul since the end of last season. His exit comes on the heels of the departures of head coach Mike D'Antoni and general manager Daryl Morey and the trade of franchise player James Harden to the Brooklyn Nets.
"It was a really challenging fall," Brown said. "The people who left meant a lot to me."
The franchise is in the early stages of a rebuilding period. The Rockets were officially eliminated from playoff contention this week, ending the team's eight-year postseason run.
