New York, NY (My Sportsbook) - The New York Knicks on Monday fired team president Scott Layden and introduced Isiah Thomas as his successor. The announcement was made during an afternoon press conference at Madison Square Garden.

Layden had been with New York since 1999 and was responsible for all on-court related areas for the Knicks, including player, coaching and scouting matters.

In June of 2001, Layden was promoted to president and general manager of the Knicks. He was elevated to his former position after serving two years as the club's executive vice president and general manager.

Layden replaced Ernie Grunfeld in the summer of 1999 after the Knicks were coming off an appearance in the NBA Finals. New York has failed to make the playoffs in the last two seasons.

The Knicks are currently 10-18 and there has been recent speculation around the job security of current head coach Don Chaney. The Knicks have finished under .500 the last two seasons.

Thomas retired as a player after the 1994 season. He averaged 19.2 points and 9.3 assists over a 13-year NBA career, all with the Detroit Pistons. He also won NBA championships in 1989 and 1990.

After his playing career, Thomas became vice president and part-owner of the Toronto Raptors and later worked as an NBC analyst on NBA games before being named the head coach of the Indiana Pacers.

When longtime NBA rival Larry Bird was granted the job of president of basketball operations for Indiana, he wasted little time in making his first major move by dismissing Thomas of his duties.

Thomas, who was fired this past offseason, failed to guide the Pacers past the first round of the playoffs in three straight years. The Pacers posted a 131-115 regular season record under Thomas.

Thomas, a Hall of Famer, will look to breathe life into a franchise that last won a championship back in 1973.