The NBA Board of Governors has elected San Antonio Spurs CEO Peter Holt as its chairman.

Holt will replace Minnesota Timberwolves majority owner Glen Taylor, who had served as chairman since October 2008.

"Glen Taylor's wisdom and counsel over the past four years have been invaluable," said NBA commissioner David Stern in a statement Thursday. "Peter Holt's extensive board experience and committee leadership make him an ideal choice to succeed Glen. I thank Glen for his dedicated service and commend the Board of Governors on its laudable selection of Peter as chairman."

Holt has been a member of the Board of Governors for 16 years and currently serves on five of the board's standing committees, including chairing the audit and compensation committee and the labor relations committee.