Larry Bird officially stepped down on Monday as the Pacers’ President of Basketball Operations, a title he has held since 2003.

“I felt it was time to step away in a full-time capacity,” Bird said. “This has nothing to do with my health or our team. I’m 60 years old and I want to do other things away from basketball. I will do some scouting for the Pacers, NBA, college, international, do some appearances and stay in a capacity to advise senior basketball management. I love the Pacers, I grew up with the Pacers and admired them from a very young age. I want to thank the fans for their support throughout my career. I also want to thank (owner) Herb Simon for the many years of loyalty and for allowing me to stay with the team in a different role.”

Added team owner Herb Simon: “This is not a shock to me as Larry has always been up front about someday stepping down. I thank him for all that he has done and am very pleased he is remaining with the Pacers in a different capacity.”

Kevin Pritchard, who Bird hired into the front office in 2011, takes over as president. Click here to get to know Pritchard, who was born in Bloomington.

Listen to Bird’s 13-minute press conference, held Monday at Bankers Life Fieldhouse, below: