Rob Moor, the longtime CEO of the Minnesota Timberwolves and Lynx, is stepping down, owner Glen Taylor announced Friday.

Moor will transition to a role that assists Taylor in overseeing his business interests.

“As I continue preparations for succession planning, I recognize that our family’s assets have reached the point where a new approach needed to take place,” Taylor said in a statement. “The management and oversight over this diverse portfolio of companies requires more involvement by the family than they have in the past. Thus, I have asked Rob to join me in support of the oversight over these companies.”

Moor served as CEO for both teams since 2004 and helped Taylor execute the purchase of the Timberwolves in 1995.

“Glen has planned that the family assets will eventually move to a foundation,” Moor said in a statement. “I am honored that Glen would select me to join a team that will be responsible for safeguarding those assets and seeing them continue to develop in the future.”

Moor worked primarily with the business side of the franchises, but did play a prominent role in hiring David Kahn as the Timberwolves’ top executive back in 2009. Kahn’s tenure in Minnesota was a disastrous one, resulting in the franchise setting itself back years in its push to get back to the playoffs.