On October 25, 2012, Stern announced that he would step down as NBA commissioner on February 1, 2014, after 30 years in the role, longer than each of his three predecessors. He was succeeded by his deputy Adam Silver, but remained affiliated with the league with the title of commissioner emeritus.
Stern received the Olympic Order in 2012. In 2014, Stern was inducted to the Naismith Memorial Basketball Hall of Fame. In 2016, he became a member of the FIBA Hall of Fame.