Rob Moor, CEO of Timberwolves and Lynx, Steps Down: Latest Details and Reaction

Rob Moor, who had served as the CEO of the Minnesota Timberwolves and Minnesota Lynx since 2004, is stepping down from his high-ranking post, the Associated Press' Jon Krawczynski reported Friday.

The team announced Moor will move into a new position that helps owner Glen Taylor "in overseeing his business interests," per Krawczynski.

Krawczynski added that Taylor said he will hire a new CEO "in the near future."

The Timberwolves have undergone significant organizational changes of late, but those moves have had to do more with basketball operations than the financial side of the business. 

Minnesota hired Tom Thibodeau as its new head coach and president of basketball operations in late April, and his arrival signaled the beginning of a potentially prosperous new era.

And according to Krawczynski, Moor's departure shouldn't affect the way the Timberwolves operate under the former Chicago Bulls boss: 

As far as the future is concerned from an ownership perspective, a cloud of uncertainty continues to hover over the franchise.

In March, the Associated Press (via ESPN.com) reported Memphis Grizzlies minority owner Steve Kaplan's bid to buy a 30 percent stake in the Timberwolves hit a snag. 

The news was significant because the 75-year-old Taylor had reportedly been vetting potential successors and finally landed on Kaplan as a logical choice.

"Taylor has long been in search of a person or group willing to buy in to a minority share of the Timberwolves, sit by his side for a few years and then eventually take over the team," the AP noted. "After having difficulty finding anyone open to riding shotgun first, Taylor opened discussions with Kaplan in November."

However, ESPN.com's Brian Windhorst and Zach Lowe reported that because Kaplan's bid to acquire a minority stake in the Timberwolves had been held up by certain financial commitments to the Grizzlies, "Taylor has slowed the sale process and is now reconsidering whether he wants to sell at all."