Toronto Argonauts head coach Mike (Pinball) Clemons is stepping down as head coach to become the club's chief executive officer.
The team made the announcement at a press conference on Tuesday afternoon.
"I have been very fortunate in my life and today I embark upon a new phase of my career, and again life has smiled on me,'' Clemons said. "I am aware of and excited by the unique challenges that persist in our marketplace.
"I'm still coaching, this time a different type of team.''
Clemons, who broke numerous records while playing for the club for 12 years, led Toronto to an 11-7 record this season. His squad finished first in the East Division.
The Argos, however, lost to the Winnipeg Blue Bombers in the East Division final in Toronto.
Sources said defensive co-ordinator Rich Stubler will take the head coaching job. An official announcement is expected at a later date.
Clemons, a 42-year-old Florida native, was first named head coach in 2000 before resigning at the end of 2001 season to become team president. He took over the coaching job again halfway through the 2002 season, where he has remained until Tuesday.
With Clemons at the helm, the Argos reached the playoffs every year. The team captured the Grey Cup title in 2004.
Clemons is the second-winningest coach in franchise history with 68 victories. He has been nominated for coach of the year five times.
At the same press conference, former Ottawa Renegades executive Brad Watters was named the Argos' chief operating officer. He served as chairman of the 2007 Grey Cup committee.
Watters will manage the team's daily business operations, including marketing, corporate partnerships and sales.
Co-owners David Cynamon and Howard Sokolowski said they were thrilled to install the duo at the helm of the team.
"Their combined leadership, vision and business acumen will take this team to the next plateau," Sokolowski said. "Their skill sets complement one another and we feel lucky to be able to secure these two men as our management team."
Keith Pelley served as Argos president for four years before leaving the team last week to become president of the CTV-Rogers consortium that will broadcast the 2010 Winter Olympics in Vancouver and 2012 Summer Olympics in London.
With files from The Canadian Press
