8:07pm: Neil Olshey announced that Kaleb Canales will remain on the team as an assistant coach, according to a tweet by Quick.
6:01pm: Jason Quick of The Oregonian tweets that the Trail Blazers have hired Terry Stotts as their new head coach. Stotts had been an assistant on the Mavericks' coaching staff since 2008 after holding head coaching positions with the Bucks from 2005 to 2007 and the Hawks from 2002 to 2004. His best season to date occurred during 2005-06, when he led Milwaukee to 40 wins and the eighth seed in the Eastern Conference. Overall, Stott's record as a head coach stands at 115 wins and 168 losses.
Ben Golliver of BlazersEdge.com relayed an official statement released by GM Neil Olshey (Sulia link):
“Terry is one of the elite offensive minds in the NBA, has extensive experience with multiple organizations and was instrumental in the Dallas Mavericks winning the 2011 NBA Championship…He understands the vision for the future of the franchise, appreciates the process involved and will create an environment on the court that will produce championship habits."
Golliver also noted a statement from Stotts (Sulia link):
"I’m very pleased to be a part of a great franchise in a beautiful city with such a proud history. I look forward to working hard with Neil and our players toward the ultimate goal of bringing another championship to Portland.”
Chris Haynes of CSNNW.com reports that Kaleb Canales, the other finalist for the Portland's coaching search, will be retained by the franchise in some capacity (Twitter link). Canales had served as the team's interim head coach last season and was reportedly well-liked by members of the organization.