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New president Daryl Morey will discuss his plans for Sixers at Monday press conference

Morey has signed a five-year contract to become the team's president.

Daryl Morey was Houston Rockets general manager.
Daryl Morey was Houston Rockets general manager.Read moreDavid J. Phillip / AP

Daryl Morey, who last week agreed to become the 76ers president of basketball operations, has made it official by signing a five-year deal, according to a source. Morey will be introduced at a press conference on Monday.

In his new role, Morey will be the top decision-maker, while Elton Brand is remaining as general manager. As The Inquirer reported last week, Brand has three years left on his contract after signing an extension.

Morey, 48, was the general manager of the Houston Rockets the previous 13 seasons before stepping down last month.

During his tenure as general manager, the Rockets qualified for the playoffs in 10 seasons and never had a losing season. The Rockets have qualified for the playoffs eight consecutive years, the longest current streak in the NBA.