NEW YORK (CBSNewYork/AP) — Bud Selig will be given the title of baseball commissioner emeritus when he retires next month.
The 80-year-old Selig has led baseball for 22 1/2 years. He will be succeeded by Rob Manfred, baseball's chief operating officer, on Jan. 25.
According to ESPN, his annual pension will be $6 million.
Selig helped force commissioner Fay Vincent's resignation in 1992 and was put in charge as chairman of the executive council. He was elected commissioner in July 1998, and his time in charge is second only to that of Kenesaw Mountain Landis from 1920-44.
"This role will allow the game to benefit from his unmatched institutional knowledge, experience and relationships," Manfred said in a statement Friday. "I could not ask for a finer mentor."
MLB said Selig will be available to advise Manfred and assist with special projects.
"I greatly appreciate the opportunity to stay connected to the game in this new capacity," Selig said in a statement.
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