The Chicago Bulls have finalized a deal with the Denver Nuggets GM Arturas Karnisovas to become the franchise’s new Executive VP of Basketball Operations, according to Adrian Wojnarowski from ESPN.

Karnisovas first task will be to hire a new GM and reshape the front office.

Karnisovas, 48, will replace John Paxson, who has been running the Bulls' basketball operations since 2003. The Lithuanian was previously with the Nuggets, where he played a huge role into them rebuilding. The Nuggets' draft success with Karnisovas included All-NBA center Nikola Jokic, guards Jamal Murray and Gary Harris and former center Jusuf Nurkic.

Also, Shams Charania from The Athletic confirmed the Bulls are hiring Pelicans executive JJ Polk as assistant general manager.

Chicago has qualified to the playoffs only once in the last five seasons.