The Denver Broncos announced a restructuring of their front office on Monday with team president John Elway stepping away from his general manager role and giving up final say on personnel matters.

Elway says the team is now looking to hire a GM who will oversee all personnel and football decisions. Under the new arrangement, both head coach Vic Fangio and the incoming GM will report to Elway.

"Working in this role for the last 10 years and going back to my playing days, I've always tried to do everything I can to help the Broncos win and get better," Elway said in a statement. "As part of a transition I've thought about for a long time, I have made the decision to step up into an elevated role and hire a general manager to lead our personnel and football staff.

Elway, 60, had been the GM since 2011. Under Elway, the team has gone 96-74 with five AFC West titles, two AFC championships and the Super Bowl 50 crown.

Elway spent 16 years as the club's quarterback from 1983 to 1998, leading the club to a pair of Super Bowl titles in his final two seasons.

"John Elway is the most important and impactful person in the history of the Denver Broncos," Broncos CEO Joe Ellis said. "I have nothing but gratitude for how he accepted this challenge 10 years ago and helped us accomplish great things as an organization. In recent weeks, he and I have had a number of very positive — and honest — conversations about improving the team as well as his own future. John arrived at this decision, and I am fully supportive of him and this new structure. With all of his experience and competitive fire, I know John will be a tremendous resource for the Broncos in this role."

Elway says he will be active in both the hiring process for the new GM, as well as in support of the new GM and Fangio.

"I will be there to support our GM and Vic, providing my perspective, helping with the big decisions and being a sounding board whenever needed," Elway said. "With all that goes into the day-to-day responsibilities of a GM and how the job has grown, this structure will set us up for success and allow me to focus on the big picture."

The Broncos finished their 2020 season on Sunday with a 32-31 loss to the Las Vegas Raiders to finish their campaign at 5-11 and in last place in the division. The team will draft ninth in April's draft.

The Broncos' playoff drought now sits at five seasons, having last reached the postseason in 2015 when they last won the Super Bowl.