David Stern’s retirement plans have been a poorly-kept secret of late. Following multiple media reports, the NBA confirmed today that Stern is stepping down as of February 1, 2014. Deputy Commissioner Adam Silver will take over.

Per the press release:

David Stern spent nearly 30 years growing the NBA, turning a league that couldn’t even get its championship series on live prime-time TV into a projected $5 billion a year industry. Confident the NBA is in good shape and certain he has found someone who can make it even better, Stern is ready to end one of the most successful and impactful careers in sports history. Stern will retire as commissioner Feb. 1, 2014, 30 years to the day after taking charge of the league, and be replaced by Deputy Commissioner Adam Silver.

“I decided that things are in great shape and there’s an organization in place that will ultimately be led by Adam that is totally prepared to take it to the next level,” Stern said.

Stern said he wouldn’t leave until he knew there was a successor ready, and he has repeatedly said Silver is ready for that role. Stern said he would always remain available to take a call and help the league. “Life is a journey and it’s been a spectacular journey,” Stern said. “Each step along the way there are things that you have to do, things that you maybe wish you hadn’t done. But I don’t keep that list, and so I’m totally pleased and I’m particularly pleased with the transition of which we’re now embarking.”