The changes were announced by Tim Leiweke, who is the incoming CEO of team owner Maple Leaf Sports and Entertainment. Leiweke also said he is moving up his start date from July 1 to June 3.
Leiweke was hired last month after a successful period in charge of Anschutz Entertainment Group, owner of the NBA's Los Angeles Lakers, the NHL's Los Angeles Kings and the Los Angeles Galaxy of MLS.
Colangelo is a two-time NBA executive of the year but has struggled since joining Toronto in 2006. The Raptors were 10th in the Eastern Conference this year, finishing out of the playoffs for a franchise-worst fifth straight season.