Indianapolis, IN -- (Sports Network) - The Indiana Pacers announced on Monday that CEO and president Donnie Walsh is leaving the franchise at the end of this season.

Larry Bird will continue to lead the basketball side of the franchise as president of basketball operations.

"I've enjoyed working with Donnie Walsh for 24 years and I've gained enormous respect for him as a basketball man and as a person," said Pacers co-owner Herb Simon. "He ran this franchise with tremendous integrity and honesty and is regarded as one of the very best in the NBA. Larry could not have had a better mentor to prepare him for the work that needs to be done to restore this franchise to the elite level."

Walsh came to the franchise as an assistant coach in 1984. He took over general manager duties in 1986 and has served as president since 1988. In his 22 years of overseeing the franchise, the Pacers won three Central Division championships and made the NBA playoffs 17 times with six trips to the Eastern Conference Finals and one trip to the NBA Finals (2000).

"I made it clear from the beginning of the season this would be my last year," said Walsh. "When I accepted this part of the job 22 years ago it was my dream job and it has lived up to it in every way. There are no finer owners in the NBA than Mel and Herb Simon. They have been friends and supporters throughout. I've also been privileged to work with some of the finest coaches and players in basketball as well as a front office that made us a model franchise. I want to thank the fans for their great support over the years and the people of Indianapolis and Indiana for welcoming my family and me the way they did."