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The former Seattle Seahawks coach will stay on with the Cleveland Browns until the end of the season as they transition into new ownership and leadership within the organization.
According to ESPN, new Cleveland Browns owner Jimmy Haslam will name Joe Banner the team's CEO/president and current president and former Seattle Seahawks head coach Mike Holmgren will retire at the end of the season.
It was originally thought that Holmgren may leave immediately but Banner won't assume his new role until Oct. 25 and Holmgren will stick around to help with the transition of the team's hierarchy.
"I don't think we could have two better people," said Haslam via CBS Sports' Jason La Canfora's twitter account.
Holmgren's time with the Browns has not had the same success as his previous stops. After taking both the Green Bay Packers and the Seattle Seahawks to Super Bowl appearances, including winning a title with the Brett Favre-led Packers, Holmgren's Browns only trail the Carolina Panthers for worst winning percentage among NFL teams since Holmgren took over the Browns in 2010.
Holmgren took the Seahawks to their first-ever Super Bowl berth in 2005 and won four consecutive NFC West division titles while he was with Seattle.