Matthew Caldwell is stepping down as the business operations president of the two-time defending Stanley Cup champion Florida Panthers and accepting a 10-year deal as CEO of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx.

The teams announced the deal Wednesday. Caldwell will begin overseeing "day-to-day business operations and high-level strategic initiatives for the Timberwolves, Lynx, and [the G League's] Iowa Wolves" on Sept. 2.