SAN ANTONIO -- The Spurs announced Wednesday that Peter Holt has retired as the organization's chairman and CEO and that his wife, Julianna Hawn Holt, will become his successor in both roles.

Peter Holt held the positions of chairman and CEO since 1996, when the Holts became the organization's largest shareholder.

Peter Holt will remain on the organization's board of managers and continue to serve as part of the ownership group, and Julianna Hawn Holt will become the team's governor on the NBA's board of governors.

Julianna Hawn Holt, shown in a file photo talking to former Texas Gov. Rick Perry, holds equal stakes with her husband, Peter, as the Spurs' largest shareholders. Tom Pennington/Getty Images

With Peter Holt and Julianna Hawn Holt holding equal stakes as San Antonio's largest shareholder, sources within the organization expect a seamless transition and consider the latest move as one that ensures consistency and continuity throughout.

Considering Julianna Hawn Holt has always served as an active partner within the organization, her new role shouldn't result in many changes, if any.

Julianna Hawn Holt has conducted most of her work behind the scenes, but she has long been at the forefront running the numerous businesses of the Holt and Hawn family.

She joins other high-ranking women in the NBA such as Jeanie Buss, president of the Los Angeles Lakers; Michele Roberts, executive director of the National Basketball Players Association; Becky Hammon, a Spurs assistant coach; and Gillian Zucker, Los Angeles Clippers director of business operations.

"I'm proud of what we've achieved over the last two decades," Peter Holt said. "The championships are wonderful. Bringing new sports franchises to San Antonio is important, but the biggest accomplishment for me will always be the impact we've had in our community. The pride, support and love that our city has for the Spurs is truly amazing."

"Bringing new sports franchises to San Antonio is important," Peter Holt said. "But the biggest accomplishment for me will always be the impact we've had in our community." D. Clarke Evans/Getty Images

Under the Holts, the Spurs became one of the top franchises in sports, capturing five NBA titles (1999, 2003, 2005, 2007 and 2014) and qualifying for the postseason for 19 consecutive seasons. San Antonio is 54-10 this season, the best record to start a season in franchise history. The Spurs' 30-0 record at home ranks as the third-best home record in NBA history to start a season.

"Our ownership in the Spurs has always been a family affair," Julianna Hawn Holt said. "For many years, I've had the desire to take a more active role with Spurs Sports & Entertainment. We felt this was the right time to make this transition. We are very excited about the current Spurs season and the future of the organization."

The Spurs Sports & Entertainment group owns five sports franchises, including the Spurs, San Antonio Rampage (AHL), the San Antonio Stars (WNBA), San Antonio FC (USL) and the Austin Spurs (NBA Development League). The group also manages day-to-day operations of the AT&T Center and Toyota Field.

"We've been fortunate to have a wonderful ownership group for the last two decades," said Rick Pych, president of business operations for the Spurs Sports & Entertainment group, who was appointed as the team's co-CEO, per Julianna Hawn Holt's request. "Peter has provided great leadership. His dedication, vision and management style have allowed all of us to develop, grow and succeed. We thank him for his service to the Spurs and the San Antonio community. All of us are excited about the future of SS&E under the guidance and leadership of Julianna."

NBA commissioner Adam Silver called the Spurs a "model franchise" under Holt.

"Peter not only provided steady leadership as an NBA, WNBA and NBA Development League owner but also distinguished himself as Chairman of the NBA Board of Governors and Chairman of the NBA's Labor Relations Committee," Silver said. "We thank him for his outstanding service and look forward to working with Julianna Hawn Holt in her new role as the team's Governor."

Information from The Associated Press was used in this report.