By RAUL DOMINGUEZ
SAN ANTONIO (AP) - San Antonio Spurs CEO and chairman Peter Holt, whose selfless ownership is credited with helping the team win five NBA championships, is retiring after 20 years running one of sports' elite franchises.
He will be replaced as CEO by his wife, Julianna and, per her request, Spurs president of business operations Rick Pych. The team says Wednesday that Peter Holt will remain on the team's board of managers, but his wife will take over his role on the NBA's Board of Governors.
Holt first joined the Spurs as a minority owner in 1993, but was named CEO and chairman in 1996 after becoming team's largest shareholder.
It was under Holt's guidance that the Spurs hired former assistant coach Gregg Popovich as general manager in 1994. Popovich became the team's coach on Dec. 10, 1996, and has led San Antonio to five championships and 19 straight postseason appearances.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.