NEW YORK — NBA Commissioner David Stern today announced that Spurs Sports and Entertainment Chairman and CEO Peter Holt has been elected Chairman of the NBA Board of Governors.

Holt replaces Minnesota Timberwolves majority owner Glen Taylor, who has served as Chairman since October 2008. Holt has been a member of the Board of Governors for 16 years and currently serves on five of the Board’s standing committees, including chairing the Audit & Compensation Committee and the Labor Relations Committee.

“Glen Taylor’s wisdom and counsel over the past four years have been invaluable,” Stern said. “Peter Holt’s extensive Board experience and committee leadership make him an ideal choice to succeed Glen. I thank Glen for his dedicated service and commend the Board of Governors on its laudable selection of Peter as chairman.”

Entering his 17th season as Chairman and CEO of the Spurs, Holt has overseen one of the most successful franchises in team sports. During Holt’s tenure, the Spurs have captured four NBA championships and have won 50-plus games in 14 consecutive seasons dating back to 1999-2000.

Holt spearheaded a successful campaign for a new arena, which opened in 2002, and two new San Antonio-based sports franchises. Thanks in part to the AT&T Center, Spurs Sports and Entertainment runs four professional sports franchises: the Spurs, the WNBA’s Silver Stars, the NBA Development League’s Austin Toros and the American Hockey League’s Rampage.

Additionally, Holt serves as the CEO of San Antonio-based HOLT CAT, the largest Caterpillar dealership in the United States. He was named to the Texas Business Hall of Fame in 2004.

Having spent his childhood in both San Antonio and Corpus Christi, Holt served two years in the U.S. Army during which time he earned a Silver Star, three Bronze Stars and a Purple Heart from his one-year tour of duty in Vietnam.