General manager Greg Sherman will remain in his position, while governor Josh Kroenke will replace Pierre Lacroix as team president. Lacroix will remain with the organization in an advisory role.
Sakic was working as an executive advisor and alternate governor for the Avalanche prior to his appointment. In the eyes of some, Sakic was working in his previous capacity in order to prepare for increased responsibility in the team's front office. Ultimately, that has proven to be the case.
With the Avalanche currently in a low point in the history of the franchise, this move has been compared to the Denver Broncos' hiring of former quarterback John Elway. The hope is to revive interest amongst the fanbase.
A Hockey Hall of Fame inductee in 2012, Sakic played the entirety of his career with the Colorado organization dating back it's days in Quebec while still known as the Nordiques. Competing in more than 1,500 career games over his career, Sakic led the Avalanche to two Stanley championships and won the Conn Smythe Trophy as the most valuable player in the playoffs during the team's first championship run in 1996.
A winner of multiple awards and member of several All-Star teams, Sakic is a distinguished name in the Colorado hockey community. His involvement certainly could help with the marketing of the team.
With young talent such as captain Gabriel Landeskog, Matt Duchene, Ryan O'Reilly, Erik Johnson and Tyson Barrie already in place, the team is expected to add top-rated prospect Seth Jones with the No. 1 overall selection in June's draft.
In short, the future has the potential to be bright in Colorado.
Of course, that is dependent upon the decisions the franchise makes, which is now something Sakic will have a considerable amount of input with as he will have the final say on hockey personnel matters.