ATLANTA -- Just three days after his team was ousted in the first round of the NBA playoffs Atlanta Hawks Executive Vice-President and General Manager Billy Knight resigned effective July 1.

The team announced Knight was stepping down after six seasons with the club in a press release.

READ: Atlanta Hawks Press Release

"The time has come for me to take a break and fully evaluate my future plans," said Knight in the release.

"I am tremendously pleased with what we were able to accomplish this season in reaching the postseason, as the Hawks' return to the playoffs energized the city and our franchise. My passion for the franchise has never wavered, but I feel I’m leaving the organization in much better shape than it was in when I took over."

Knight, 55, tool over the position of General Manager in April 2003 after spending one season as Atlanta’s Director of Basketball Operations.

The Hawks finished the 2007-08 season with a 37-45 record and extended the Boston Celtics to seven games in the first round of the playoffs, the franchise's first postseason berth since the 1998-99 (lockout-shortened) season.

"We respect the decision Billy has made to resign and we are grateful and appreciative of the job he has done," said Atlanta Hawks co-owner Michael Gearon. "Under his leadership, the Hawks were not only the youngest team in this year's playoffs, but have also proven to be the most exciting team Atlanta has seen since the Dominique (Wilkins) era of the 80's."

Formerly with the Memphis Grizzlies and Indiana Pacers in various capacities, Knight has spent nearly 25 years in the NBA as a player or front office executive.