AUBURN HILLS, Mich. — Tom Wilson has resigned as president and CEO of the Detroit Pistons and Palace Sports & Entertainment.

Wilson said in a statement released Wednesday that after the death last year of Pistons owner Bill Davidson, the time was right to pursue other "exciting opportunities."

Wilson says he and Davidson "planned for an orderly leadership transition," and he leaves "the Pistons and Palace in very good hands."

Davidson's wife and current Pistons owner, Karen Davidson, said last month that she was considering selling the team.

Wilson handled all business functions for the Pistons, The Palace of Auburn Hills, the DTE Energy Music Theatre and the Meadow Brook Music Festival.

Chief Operating Officer Alan Ostfield will replace Wilson.