from Ted Kulfan of the Detroit News,

Yzerman, who served two decades as the Red Wings captain while leading them to three Stanley Cups, was named an executive vice president and general manager.

Ken Holland, who has been the general manager since 1997, has signed a multi-year extension and promoted to senior vice president.

“It’s an extremely exciting day in the history of our franchise,” owner Chris Ilitch said.....

Speculation immediately turned — as it has all season — to how long it would take for Yzerman to return to Detroit....

“I’ll tell you in five years,” Yzerman said.

Yzerman is excited about returning to the organization he had so much success with.

“This fan base is used to winning,” Yzerman said. “Depending on your age, this takes time and we’ve been through this before. It takes time.

“We have a lot of work to do and depending on your age, this takes time. We’ve been through this before (rebuilding).

“It takes time and I caution and temper the excitement. We will do the things necessary, we’ll follow the process, and we’ll get back to where we expect to be.”

more