PORTLAND, Ore. - The President of the Portland Trail Blazers has resigned from his post and will be taking a job with a local company, the team announced on Saturday.
"I greatly enjoyed my time with the Portland Trail Blazers," Larry Miller said in a news release. "It was an incredible experience and I'll be forever grateful to Paul Allen for giving me the opportunity and honor to lead what I believe to be one of the best teams in all of sports."
"The timing is right," Miller also said. "We have an excellent general manager in place in Neil Olshey, so I feel the team is on solid ground and headed in the right direction. Off the court, business is great. The Rose Garden is packed every night and the passion of Trail Blazers fans has never been better."
Owner Paul Allen also issued a statement.
"It is sad to see Larry leaving the Blazers and I want to thank him for his leadership and contributions to the franchise," Allen said. "Larry helped manage a period of significant growth and I wish him all the best as he takes on this opportunity."
The Oregonian is reporting that Miller is taking a job with Nike.
The Portland Trail Blazers said they would be looking for a replacement for Miller immediately. In the meantime, General Manager Neil Olshey and Chief Operating Officer Sarah Mensah will fill the void.
Miller has served as president of the Blazers for the past five years. He helped oversee the team's hiring of Neil Olshey as general manager early last month.
During Miller's tenure, the Blazers returned to the postseason for the first time in six seasons, making three straight trips to the playoffs from 2009-2011. Portland was 28-38 last season and missed the playoffs.