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David Stern to Retire in Early 2014

Boris Streubel/Getty Images(NEW YORK) -- NBA Commissioner David Stern will end a 30-year run on Feb. 1, 2014, when he'll officially retire.  Stern has been the NBA's commissioner since Feb. 1, 1984 and made the announcement on Thursday.

"Life is a journey and it's been a spectacular journey," said Stern, who started in the league back in 1966 as an outside counsel. "Each step along the way there are things you have to do, things you maybe wish you hadn't done but I don't keep that list."

"I'm totally pleased and particularly pleased with the transition we're now embarking," he continued.

Adam Silver, Stern's deputy, will take over as the NBA’s new Commissioner.  Silver was unanimously approved Thursday by the NBA Board of Governors.

Stern said on Thursday that he made the decision to step down in 2014 about six months ago.

"You'll be remembered as the best of all time," Silver told Stern, sitting to his left on Thursday.

Copyright 2012 ABC News Radio

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