Portland, OR (SportsNetwork.com) - The Portland Trail Blazers signed general manager Neil Olshey to a multi-year contract extension and added the title of president of basketball operations on Thursday.

Olshey was named general manager of the Trail Blazers on June 4, 2012. He finished third in NBA Executive of the Year voting after the Trail Blazers finished 54-28 last season -- the largest improvement in franchise history and sixth-best record all-time.

"This extension is a validation of the efforts of the entire Trail Blazers front office and an endorsement of the level of commitment expected of us by our owner Paul Allen," said Olshey. "The level of passion for this franchise by our owner, season ticket holders and fans, drives us to build a team that this community can be proud of."

The Trail Blazers won their first NBA Playoff series in 14 years last season, defeating the Houston Rockets in six games before bowing out to the eventual NBA Champion San Antonio Spurs in the Western Conference semifinals.

"Our team has made great strides under Neil's leadership, and I am excited to extend his contract," said Allen. "Neil has done an outstanding job as general manager by quickly rebuilding our team into a playoff contender. The franchise is clearly on the upswing, and I hope to see further improvements in the years to come."

Olshey came to the Trail Blazers from the Los Angeles Clippers where he served as the team's Vice President of Basketball Operations for two seasons during a tenure with that franchise that lasted nine years.