PORTLAND, Ore. -- Trail Blazers president and CEO Chris McGowan has decided to step down after nine years in the position.

Dewayne Hankins, chief commercial officer and executive vice president, will take over as the team's new president of business operations.

McGowan's resignation is effective on Nov. 26. He released a statement thanking the Blazers organization and the team's fans.

"It has been a pleasure serving our passionate fans and team partners, and I wish nothing but continued success to everyone in Rip City," he said.

McGowan also serves as CEO of Vulcan Sports & Entertainment, an affiliate of Seattle-based Vulcan Inc., the privately held company founded by Paul Allen.

McGowan's resignation comes amid an outside investigation into workplace concerns surrounding the organization.