Bud Selig, who helped usher in a new era of growth and change in the game of baseball, said on Thursday he will retire as commissioner of Major League Baseball at the end of his current term in January 2015.

Selig, 79, took over the role from Fay Vincent 21 years ago on an interim basis and was unanimously elected MLB's ninth commissioner in mid-1998.

"I am grateful to the owners throughout Major League Baseball for their unwavering support and for allowing me to lead this great institution," Selig, the former owner of the Milwaukee Brewers, said in a statement.