The New Jersey Devils announced Thursday that long-time general manager and team president and intermittent, part-time head coach Lou Lamoriello has decided to step down from his position after 28 years with the franchise, "in order to pursue other opportunities."

Lamoriello, 72, presided over a Devils era that included three Stanley Cup Championships, five Eastern Conference titles and nine Atlantic Division Championships. Lamoriello stepped down from his post as GM in May in order to allow new hire, Ray Shero, to take over.

"Lou Lamoriello created and defined what it meant to be a New Jersey Devil," said Devils co-owner Josh Harris. "His brilliance in shaping this franchise into one of the most storied and celebrated organizations in sport will make him a New Jersey Devil for life. He represented this organization, our current and former players, the state of New Jersey, and the greatest fans in the National Hockey League in a manner that exemplified character, class, and dignity.

"Lou's record on the ice speaks for itself and as amazing as it is, it pales in comparison to his record as a human being. His passion, integrity and leadership over the last 28 years impacted the lives of thousands, creating a lasting legacy. I have been honored to have worked with Lou over the last two years and I will forever consider it a privilege."

"On behalf of my family and the entire organization, we thank Lou for creating some of the most cherished moments for our fans," added Devils co-owner David Blitzer. "His stewardship and guidance through championships and challenging times for this franchise have inspired generations and impacted the lives of many. We will be forever grateful for his contributions and we wish him all the best.

"Ray is a proven and innovative leader in the NHL. He has quickly and decisively put his stamp on this organization, and we are excited about the direction of New Jersey Devils Hockey under his guidance."

Lamoriello was inducted into the Hockey Hall of Fame in 2009 and the U.S. Hockey Hall of Fame in 2012.  Under him, the Devils amassed a 1,093-779-268 regular-season record and a 136-116 postseason record.

Despite his storied, successful history with the franchise, Lamoriello's recent decisions seemed to indicate that the new fast-paced NHL game had passed him by. Unfortunate free agent decisions combined with a quick-trigger with head coaches have left the Devils, who have now missed the playoffs the last three seasons, in an uncertain position moving forward. Still, despite the team's recent competitive downturn, Lamoriello is a fantastic hockey mind and will forever be remembered as one of the New Jersey franchise's all-time greats.

"I have been fortunate to have worked for Josh Harris and David Blitzer for the past two years. In addition, the organization afforded me the opportunity to work for two other individuals that greatly impacted my life, Dr. John J. McMullen and George Steinbrenner. I have worked with Hall-of-Fame coaches, and players and a great staff, all of whom contributed to our success. In the end, it's about the people which makes this decision so difficult," said Lamoriello.