Magic Johnson has been named president of basketball operations for the Los Angeles Lakers, it was announced today by team executive Jeanie Buss.

In addition, general manager Mitch Kupchak has been relieved of his duties, effective immediately, and Jim Buss will no longer hold his role as executive vice president of basketball operations.

"Today I took a series of actions I believe will return the Lakers to the heights Dr. Jerry Buss demanded and our fans rightly expect," Jeanie Buss said in a statement. "Effective immediately, Earvin Johnson will be in charge of all basketball operations and will report directly to me. Our search for a new general manager to work with Earvin and coach Luke Walton is well underway and we hope to announce a new general manager in short order. Together, Earvin, Luke and our new general manager will establish the foundation for the next generation of Los Angeles Lakers greatness."

This news comes just three weeks after Johnson was brought back to the organization as an ownership adviser to assist Jeanie Buss in "all areas of basketball."