In this July 18, 2012 photo, Daryl Morey, general manager of the Houston Rockets, speaks during a press conference announcing the signing of Jeremy Lin at Toyota Center in Houston, Texas. (BOB LEVEY / GETTY IMAGES NORTH AMERICA / AFP)

WASHINGTON - Houston Rockets general manager Daryl Morey has announced that he is to step down from his post on November 1.

The Rockets are promoting vice president of basketball operations Rafael Stone to general manager

Morey said his impending departure is his own choice and that he made the decision after the Rockets were beaten in the second round of the NBA playoffs in Orlando.

"After returning from Orlando and reflecting on what has been an amazing 14 years with the Houston Rockets, and after discussing my thoughts with family and close friends, I've decided I'll be stepping away from the Rockets organization effective November 1," Morey said in a statement.

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Rockets owner Tilman Fertitta said: "On behalf of the entire Rockets organization, I would like to thank Daryl Morey for his hard work and dedication over the past 14 seasons."

The Rockets are promoting vice president of basketball operations Rafael Stone to general manager.

Morey has been the Rockets' general manager since the 2007-08 season. Under his leadership, the Rockets made many blockbuster trades, including deals for James Harden, Russell Westbrook and Chris Paul.