The Minnesota Timberwolves announced on their official website Wednesday that Matthew Caldwell, president of the defending NHL champions Florida Panthers, has been appointed the team's new Chief Executive Officer (CEO).

According to the Timberwolves' official statement, Caldwell will officially take over the role on September 2nd after completing his handover process. He will be responsible for managing the day-to-day operations of the Timberwolves, Minnesota Lynx, and Iowa Timberwolves, as well as overseeing high-level strategic initiatives.

Separately, according to The Athletic, Caldwell will resign from his position with the Panthers.

Following the announcement of his appointment, Caldwell, in his first interview with the NBA team's official website, said, "I am deeply honoured and humbled to join the Timberwolves and Lynx at such a pivotal moment in their history."

"I am inspired by Marc (Lore) and Alex (Rodriguez - Timberwolves' co-owner)'s vision and passion for Minnesota basketball, as well as their unwavering commitment to excellence. I look forward to making my mark on this organization and building a lasting foundation to provide Minnesota basketball fans with the unparalleled sports experience they deserve."

Caldwell brings more than a decade of sports administration experience to his position as one of the most formidable leaders in American sports.

For the past nine years, Caldwell served as President of the Florida Panthers.

During his tenure, the Panthers achieved numerous milestones in franchise history, including records for ticket sales, television ratings, and sponsorship revenue, as well as completing the NHL and Stanley Cup double last season.