Orlando, FL (SportsNetwork.com) - Orlando Magic general manager Rob Hennigan received a contract extension Thursday.

Financial terms were not disclosed, but the deal will now carry Hennigan through the 2017-18 season.

"Under the leadership of Rob, we feel that we are positioning ourselves to be able to contend in a long-term, sustainable fashion," said Magic CEO Alex Martins in a statement Thursday. "We are proud of the work that Rob and our basketball operations department has done to this point and we look forward to taking the next steps in the process."

Hennigan took over as GM in June 2012 after Otis Smith stepped down and has begun a rebuilding program that has been slow to develop. The Magic are just 68-178 in Hennigan's three seasons.

Orlando had six straight playoff appearances, including a trip to the 2009 NBA Finals, before Hennigan moved into the position.

Hennigan started from scratch after orchestrating star center Dwight Howard's exit in August 2012. He traded the disgruntled superstar to the Lakers as part of a four-team deal that netted center Nik Vucevic and others.

The Magic, under coach Jacque Vaughn, went 20-62 and 23-59 before a 15-37 start this season led Hennigan to make a coaching change. James Borrego took over on an interim basis and led Orlando to a 25-57 mark.

Hennigan will have to hire another coach this summer.

"I am extremely grateful for the unwavering trust and support that our entire organization demonstrates as we continue building our team for competitive longevity and one in which all of Central Florida can be proud," said Hennigan on Thursday.

Before joining the Magic, Hennigan spent four seasons with Oklahoma City, including the last two as the Thunder's assistant GM. He also had four seasons in the front office with the San Antonio Spurs from 2005-08.