The deal Lamoriello signed with Toronto will be for three years (July 23).
While being introduced in Toronto, Lamoriello said that recent changes and things he wasn't allowed to do financially with the Devils made him think about making a transition (July 23).
Lamoriello had spent the past 28 years with the Devils, which included three Stanley Cup titles and five Eastern Conference championships. He was inducted into the Hockey Hall of Fame in 2009 for his efforts in the front office.
This past season, he served as an interim co-coach along with Adam Oates and Scott Stevens.
Earlier in May, Lamoriello stepped down from his GM position, and Ray Shero was hired as his replacement.
"Lou Lamoriello created and defined what it meant to be a New Jersey Devil," Devils owner Josh Harris said in a statement. "His brilliance in shaping this franchise into one of the most storied and celebrated organizations in sport will make him a New Jersey Devil for life."
"I have been fortunate to have worked for Josh Harris and David Blitzer for the past two years," Lamoriello said. "In addition, the organization afforded me the opportunity to work for two other individuals that greatly impacted my life, Dr. John J. McMullen and George Steinbrenner. I have worked with Hall-of-Fame coaches, and players and a great staff, all of whom contributed to our success. In the end, it’s about the people which makes this decision so difficult."