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WATCH ABOVE: Leafs sign “Godfather” to three year deal, sending draft pick to New Jersey as compensation. Mark Carcasole reports.

TORONTO – The Toronto Maple Leafs have hired Lou Lamoriello as the team’s new general manager.

Lamoriello spent 27 seasons as GM of the New Jersey Devils before stepping down in May. That’s the longest tenure of any GM in NHL history.

The 72-year-old Hockey Hall of Famer has three Stanley Cups on his resume, and the Devils made the final in 2012. But New Jersey missed the playoffs the past three years, leading to Ray Shero replacing Lamoriello as GM.

The #Leafs have named Lou Lamoriello the 16th General Manager in Club history #TMLtalk READ → http://t.co/gabNyzLRwI pic.twitter.com/huVOhgEYJl — Toronto Maple Leafs (@MapleLeafs) July 23, 2015

Toronto had been without a GM since president Brendan Shanahan fired Dave Nonis after the Leafs missed the playoffs for the second straight year. The Leafs have just one post-season appearance since the 2004-05 lockout, a first-round loss to the Boston Bruins in 2013.

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“I’m excited,” Lamoriello told a news conference. “I don’t know any other way to put it.”

Lamoriello said the opportunity presented a “different challenge.”

“I can assure you it was not an easy decision for a lot of different reasons,” he said. “I’ve always said anything easy isn’t worth it. Anybody can do it.”

Shanahan had left open the possibility of GM by committee with himself, Kyle Dubas, Mark Hunter and Brandon Pridham all having a say. Even with Lamoriello, that kind of collaborative environment could still exist, with new coach Mike Babcock also in the mix.

“No one makes any decision without consulting the people that are around them and their supporting staff,” he said. “If you know anything about me, we’ll make the decisions.”

In Lamoriello, the Leafs get veteran experience and someone who has the relationships around the league that could benefit in trade talks. It’s unclear what his precise duties will be.

Lamoriello becomes the Leafs’ 16th general manager in club history. Terms of the deal have not been released.

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Lamoriello was president of the Devils and stepped down as GM on May 4 when Ray Shero was named to the position.

In a media release, the Devils organization said Lamoriello resigned to pursue other opportunities and issued a statement thanking him for his tenure with the team.

“Lou Lamoriello created and defined what it meant to be a New Jersey Devil,” said New Jersey 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.”

BREAKING NEWS: Lou Lamoriello resigns as President of the #NJDevils. http://t.co/8LwWMLqgli pic.twitter.com/LhsTTcvovz — New Jersey Devils (@NHLDevils) July 23, 2015

The GM hiring comes two months after the team introduced Mike Babcock as the new head coach.

Former GM Dave Nonis and interim coach Peter Horachek and his entire staff were fired in April after the team went 30-44-8 to finish with 68 points, the fewest in an 82-game NHL season since 1996-97.

With files from The Canadian Press