Adam Silver, 50 will be the National Basketball Association's new Commissioner after David Stern, 70 announced his retirement today.

During a NBA Board of Governors meeting in New York City today, Silver, who has been a Deputy Comissioner and the Chief Operating Officer of the NBA since July 2006, said he will do his best to grow the NBA when he takes over. NBA Commissioner Stern announced he will retire after 30 years heading the league at the meeting.

"I can't begin to express my gratitude for all the NBA has done for me over the last 20 years. ... The opportunities for this league are limitless, truly limitless. I'll do my absolute best to grow this league and this industry," Silver said.

"There's no doubt you'll be remembered as the best of all time as commissioners go," Silver told his boss. "You've set the standard, not just for sports league commissioners, but for CEOs in any industry," he added.

As for Stern he told reporters:

"I don't know what else to say other than to recite what I told the owners yesterday in executive session," he said. "I told them that it's been a great run, it will continue for another 15 months, that the league is in, I think, terrific condition."

Stern will step down in February 1, 2014.

Silver joined NBA in 1992 as Special Assistant to the Commissioner. He served as a Chief of Staff of NBA since 1993 and served as its Senior Vice President and Chief Operating Officer since 1995. In 1997 he functioned as the President and Chief Operating Officer of NBA Entertainment Inc. and has also been the Chief Operating Officer of NBA China, according to Businessweek.

WATCH THE PRESS CONFERENCE HERE