Joe Banner is no longer the Philadelphia Eagles' president, the team announced Wednesday, and is transitioning to the role of strategic advisor to owner Jeffrey Lurie.
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In a corresponding move, the Eagles announced that chief operating officer Don Smolenski will be promoted to president. General manager Howie Roseman will assume all of Banner's responsibilities in managing the team's salary cap and contract negotiations.
"Joe's a free agent now," Eagles owner Jeffrey Lurie said Wednesday at the team's practice facility, according to the Philadelphia Inquirer.
"I'm an employed free agent," Banner said.
A news conference is scheduled for 2:30 p.m. ET on Thursday.
Banner and Lurie are lifelong friends and had worked together since Lurie bought them team in 1994.
The 59-year-old Banner said his plans included getting "involved with the world of buying and selling a sports team with the possibility of becoming part of a group that buys a team."
"There is no better executive in sports than Joe Banner," Lurie said in a team release. "We are making this announcement today because he is looking for a greater challenge, and in Don Smolenski I have a highly regarded, very worthy successor as President of this team."