After eight years at the helm, Jerry Colangelo has announced on Thursday that he will be stepping down as chairman of Team USA Basketball.

During his tenure, the 76-year-old has ushered in a new era of dominance for USA Basketball, where the Men's Senior Team, made up of NBA players, captured gold medals in the past two Olympics and are currently ranked at the top of the FIBA rankings, as well as the women's, boy's and girl's teams.

Colangelo released a statement and said that he looks forward to the next chairman to continue the success the organization currently has and mentioned how proud he was with their teams.

Per Mike Coppinger of USA Today:

“Given the coaching change and the challenge of assembling a group of players for FIBA’s new competition schedule, this is a good time to devote my full attention to the Men’s National Team. San Antonio Spurs coach Gregg Popovich will coach the national team going forward in place of Duke University's Mike Krzyzewski.”

“As Chairman of USA Basketball, I’m proud of what our teams at all levels have accomplished and how our players have embraced the responsibility of representing their country.  I look forward to working with the next Chairman to ensure that we continue to honor and build on USA Basketball’s rich tradition.”

Team USA will hold a meeting on Nov. 14 and will name his successor by then. Colangelo will still be part of the team's global outreach and managing team as well as the Philadelphia 76ers‘ Special Adviser.