Nov. 12 (UPI) -- Portland Trail Blazers President and CEO Chris McGowan has opted to step down from his position after nine years with the organization.
Dewayne Hankins, the Blazers' chief commercial officer and executive vice president, will take over as the franchise's new president of business operations, the team said.
McGowan's resignation is effective Nov. 26, according to the team.
"After careful consideration over the summer, I have decided to resign from my position as President and CEO of the Portland Trail Blazers," McGowan said in a statement Friday. "I want to thank Paul Allen, Jody Allen and Bert Kolde for giving me the opportunity to lead this great organization over the past nine years.
"In addition, I want to thank our amazing staff for their tireless dedication to creating extraordinary moments at the Moda Center and in the community, and especially thank our players who represent everything that is good about Portland. ... It has been a pleasure serving our passionate fans and team partners, and I wish nothing but continued success to everyone in Rip City."
McGowan served as CEO of the Blazers since 2012, and he was promoted to CEO of Vulcan Sports & Entertainment -- which operates the Blazers and the NFL's Seattle Seahawks -- in 2018. Vulcan Sports & Entertainment is an affiliate of Seattle-based Vulcan Inc., the privately held company founded by Paul Allen.
McGowan's decision to step down comes amid an outside investigation into workplace misconduct involving Neil Olshey, the Blazers' president of basketball operations.