Paul Holmgrem, longtime Philadelphia Flyers executive, has stepped down as the team’s president.

He will still be part of the organization but in a senior adviser position.

With that announcement on Thursday, general manager Chuck Fletcher added president of hockey operations to his title and will be reporting directly to chairman and CEO Dave Scott.

Holmgren just finished his 40th year with the organization which dates back to his playing days with the Flyers from 1975-84. He would go on to become an assistant coach for the team from 1985-88 and head coach from 1988-92. He later went on to be the club’s GM (2006-14) and became president in 2014.

"It's been an honor to serve this franchise in many different roles throughout my life and I look forward to this next chapter," said Holmgren. "I approached Dave about my idea to step aside to spend more time with my family. I have complete confidence in Chuck in his new role, leading the Flyers to great things."

During his general manager tenure, the Flyers missed the playoffs just two times and reached the Stanley Cup Final in 2010.

Holmgren wasn’t shy about making big moves, be they good or bad. In 2009, he was able to sign Chris Pronger to a huge seven-year extension. On June 23, 2011 he shocked the hockey world when he traded Mike Richards and Jeff Carter, two core pieces to the club, away and signed Ilya Bryzgalov to a nine-year contract. He also tried to bring Shea Weber to Philly by signing him to a 14-year, $110 million offer sheet in 2012, which the Nashville Predators matched.

Even with some of the foolish moves Holmgren made, he has cemented his legacy as one of the organization’s all-time greats on and off the ice.