Updated

Alex Martins has been named the new chief executive officer of the Orlando Magic, replacing the retiring Bob Vander Weide.

Martins has been with the franchise since its inaugural season of 1989 and has risen through the ranks since his original role as director of media relations. He was named team president last July and will continue his role of running the day-to-day business of the club.

Vander Weide began his career with the club in 1992 as vice president of basketball operations and was named president two years later before taking over as CEO.

Owner Rich DeVos will serve as senior chairman and Dan DeVos will take on the responsibilities of chairman and act as the team's lead representative on the NBA's Board of Governors. Otis Smith will continue in his role as general manager and president of basketball operations.

"It's been an incredibly exciting and fulfilling 20 years," said Vander Weide. "I am certainly looking forward to this next chapter and have great confidence in Dan, Alex and Otis and the leadership of this organization going forward."

Vander Weide and Martins were instrumental in developing the team's new home, the Amway Center.