As first reported by Local 6 Sports Director David Pingalore, Orlando Magic CEO Bob Vander Weide is stepping down.
A news conference to announce the move has been scheduled for 11 a.m. Wednesday.
Alex Martins has been promoted from team president to CEO.
Vander Weide, the 52-year-old son-in-law of team owner Rich DeVos, became CEO in 2010 after serving as team president beginning in 1994. He originally began his Magic career in 1992 as vice president of basketball operations.
Vander Weide also helped lead the team's effort to secure the year-old $480 million Amway Center.
NBA training camps are scheduled to open Friday; Monday was the first day team officials could speak with players.
The Magic open the lockout-shortened season on Christmas Day at Oklahoma City. Pingalore reported that the Magic's home opener will be the day after Christmas against the Houston Rockets.
Watch Local 6 News for more on this story.