"The past eight years have required much sacrifice in my family life, and at this juncture it is my profound desire to devote myself more fully to the lives and activities of my daughters," said Ackerman. "It has been a privilege to serve as the WNBA's first President and to be part of the extraordinary growth of women's basketball over the past decade, and I want to thank David Stern, Russ Granik, Adam Silver and the NBA's owners for their enduring commitment to the WNBA and for a level of support completely unmatched in women's sports."

Ackerman continued: "I am deeply grateful to our tremendous staff at the league and teams, whose tireless efforts have brought the league to life; to our marketing partners, for their outstanding support; to our fans, for their amazing loyalty and passion; and in a very heartfelt way, I want to express my appreciation and admiration for our players -- both current and former -- who have pioneered the women's game on the professional level and who stand for everything that's good about sports."

Named WNBA President on August 7, 1996, Ackerman presided over the first WNBA game on June 21, 1997 when the league debuted with eight teams. The launch of the WNBA earned Ackerman accolades across the sports landscape and the league has since averaged more than 9,300 fans per game over the course of its eight seasons. The league currently has 13 teams with games televised nationally on the ABC, ESPN2 and Oxygen networks. The WNBA benefits from a strong roster of 17 marketing partners developed during Ackerman’s tenure, including Procter & Gamble, Coca-Cola, Anheuser-Busch, American Express, General Motors and Gatorade.

Ackerman will lead the search for her successor, which will begin immediately, and will act as an advisor to the league and NBA Commissioner David Stern.

“Val’s contributions to the women’s sports movement have been monumental,” said Stern. “Under her leadership the WNBA has grown from concept to a successful and thriving enterprise. We are grateful for her enthusiasm and passion and look forward to her continuing advice and counsel as we build upon the success she helped generate.”

Ackerman joined the NBA in 1988 as a staff attorney and served as special assistant to NBA Commissioner David Stern, and later as vice president of business affairs. She currently serves on the Board of Directors of USA Basketball, the Executive Committee of the Naismith Memorial Basketball Hall of Fame, the National Board of Trustees for the March of Dimes, and the National Board of Girls Incorporated.

A 1981 graduate of the University of Virginia, Ackerman was a four-year starter for the women’s basketball team and a two-time Academic All-America player. She played professional basketball in France before graduating from UCLA School of Law in 1985, and she worked for two years as an associate at the New York law firm of Simpson Thacher & Bartlett. She and her husband, Charlie Rappaport, have two daughters, Emily and Sally.