"After returning from Orlando and reflecting on what has been an amazing 14 years with the Houston Rockets, and after discussing my thoughts with family and close friends, I've decided I’ll be stepping away from the Rockets organization effective Nov. 1," Morey said in a statement through the team.
Morey, who had signed a five-year extension with the Rockets in 2019, will apparently remain with the club in an advisory role to assist with their ongoing search for a head coach.
"It has been the most gratifying experience of my professional life to lead the Rockets basketball organization, and I look forward to working with (Rockets owner Tilman Ferititta) and the management team on the transition," Morey added.
The 48-year-old spent three seasons as senior vice president of operations for the Boston Celtics before being hired as Houston's assistant general manager in April 2006. Morey was promoted to general manager just over a year later.
The Rockets currently hold the league's longest consecutive postseason appearance streak at eight and have missed the playoffs just three times in Morey's 13 seasons running the team's basketball operations.
Houston is planning on promoting executive vice president of basketball operations Rafael Stone to general manager, according to ESPN's Adrian Wojnarowski. Stone would become the 10th current Black executive to occupy the position.