"Russ and I have worked together on a daily basis for 29 years and everyone in the NBA family is aware of the enormity of his contributions to the success and growth of the league during that time," said commissioner David Stern on Tuesday.
"For over two decades, Russ has been responsible for the day-to-day operation of the league."
Granik, who will also resign as the NBA's chief operating officer, has spent 30 years in the league's front office, the last 22 as second-in-command.
He was the league's chief negotiator for the last four labour agreements and was involved in every other major business transaction, said Stern.
"After we successfully concluded our last collective bargaining agreement in June, and with six years remaining on that agreement and three years left on our television contracts, I felt the time was right for me to get off the treadmill for a while," said Granik.
He will serve as a senior adviser to Stern and continue to be the league's chief representative with USA Basketball and board chairman of the Basketball Hall of Fame.
