• Lamoriello was replaced as New Jersey's general manager in May
  • He joins new Maple Leafs coach Mike Babcock in Toronto

Lou Lamoriello was named general manager of the Toronto Maple Leafs, leaving the New Jersey Devils organization after 28 years.

Lamoriello was the Devils GM from 1987 through this May, leading the franchise to Stanley Cup titles in 1995, 2000 and 2003. He resigned today as team president to take the job in Toronto.

The news comes two months after the Leafs, the league’s most valuable team, according to Forbes, hired Mike Babcock as coach. The former Stanley Cup winner is being paid $50 million over eight years, according to ESPN.

Once one of the National Hockey League’s most successful franchises, the Maple Leafs haven’t won a Stanley Cup title since 1967, and have one playoff appearance in the past 10 seasons. Last year the Leafs finished with the second fewest points in the Eastern Conference.

Rogers Communications Inc. and BCE Inc., Canada’s two largest telecommunications companies, bought the team along with the National Basketball Association’s Toronto Raptors and Major League Soccer’s Toronto FC in 2011 for C$1.32 billion ($1.1 billion). Rogers went on to lock up national broadcast rights to NHL hockey with a 12-year deal worth C$5.2 billion.

Lamoriello, 72, helped the Devils to 21 playoff appearances and nine division titles. He has also served as GM of the U.S. national team, and was inducted into the Hockey Hall of Fame in 2009.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE