Adam Aron has stepped down as Philadelphia 76ers CEO and been replaced by former Madison Square Garden Sports president Scott O'Neil.
Aron will remain on the team's board of directors and said he has increased his ownership stake in the franchise. Aron was part of the ownership group that bought the franchise in 2011.
Aron and O'Neil, both of whom spoke to The Associated Press, were set to inform the staff of the change on Monday.
Led by majority owner Josh Harris and Aron, the new ownership group attempted to win back fans with slashed ticket prices, confetti cannons, and other fan-friendly promotions, like reconnecting with past stars.
Aron tells the AP it was his decision to step aside as he pursues another business interest.