Hall of Fame executive Glen Sather is stepping down as Rangers president and transitioning to a new role as senior adviser to owner James Dolan.

Sather's move comes after 19 years with the Rangers in which he served the first 15 as New York's president and general manager. He ceded general manager duties to longtime assistant Jeff Gorton before the 2015-16 season.

The team will immediately begin a search for a new president, Dolan said Thursday.