Longtime Houston Rockets CEO Tad Brown announced Friday that he will resign from his position at the end of the season.

"It's time to move on, and it's time to take on other adventures that we're looking forward to," said Brown, who joined the Rockets organization as a vice president of corporate development in 2002 and was promoted to CEO in 2006. "It's been the greatest honor of my professional life to lead this organization. It's been the ride of a lifetime."

Brown's resignation continues a dramatic overhaul for the franchise since the end of last season. His departure comes on the heels of the exits of head coach Mike D'Antoni and general manager Daryl Morey and the trade of franchise cornerstone James Harden to the Brooklyn Nets.

The Rockets are in the beginning stages of a rebuilding period, having been officially eliminated from playoff contention this week, ending an eight-year postseason run that was the longest active streak in the NBA.

"It was a really challenging fall," Brown said, acknowledging that the circumstances somewhat influenced his decision. "The people who left meant a lot to me."

Brown played a key role in orchestrating Tilman Fertitta's purchase of the Rockets from former owner Leslie Alexander for a record $2.2 billion in September 2017.

"On behalf of the entire Rockets organization and my family, I want to thank Tad for his stellar and tireless service to the Houston Rockets franchise," Fertitta said in a statement. "I could not have asked for a better leader to work with since becoming owner.

"Tad has played an integral role in the success of our franchise both on and off the court. I have known Tad since his arrival in Houston 19 years ago and want to sincerely thank him for his friendship and for building a tremendous organization throughout the Rockets and Toyota Center."