The 59-year-old announced ahead of the Los Angeles Lakers regular-season finale, against the Portland Trail Blazers, that he would be stepping down as the team's president of basketball operations.
The Lakers endured a disastrous season, missing the play-offs despite recruiting LeBron James ahead of the current campaign.
Johnson, a five-time NBA champion, tweeted on Wednesday: "Thank you to Lakers owner Jeanie Buss, General Manager Rob Pelinka, Coach Luke Walton, the Lakers players and the entire basketball operations staff for the tremendous opportunity to serve as the President of Basketball Operations for the Lakers. I will always be a Laker for life.
"A big thank you to Jesse Buss, Joey Buss, Ryan West, Sam Usher, Marshall Rader, and Elaine Shen.
"I have the best assistant in the world, Natalie Wilson. Thank you Natalie Wilson, Shane Jenkins, and Desiree LeSassier for working with me for many years and joining me at the Lakers.
"Another big thank you to Lakers Executive Linda Rambis and her husband, Laker great, Kurt Rambis," he concluded.
Johnson is set to retake his position as an NBA Ambassador.