PHILADELPHIA -- The Philadelphia 76ers officially named Daryl Morey president of basketball operations and extended the contract of general manager Elton Brand on Monday.

Morey stepped down as GM of the Houston Rockets this month after blockbuster moves that failed to lead the franchise to the NBA Finals. The Rockets made the playoffs 10 times since Morey was hired in 2007, including the last eight seasons, for the longest active streak in the NBA.

"Talent like Daryl rarely becomes available, so we moved quickly and aggressively to bring him here," team owner Josh Harris said. "He has an extraordinary track record of success in this league as an innovator, visionary and leader, and I believe he significantly improves our chances of delivering a championship caliber team to our fans. This offseason, we made it our mission to make this organization better and stronger."

Brand was named general manager on Sept. 20, 2018. He helped lead the hiring process that landed coach Doc Rivers early last month.

"This offseason, we made it our mission to make this organization better and stronger. By hiring a tremendous front-office leader in Daryl and championship coach in Doc, as well as extending Elton, we're proud of what we've assembled," Harris said.

Houston went 640-400 under Morey and won a franchise-record 65 regular-season games in the 2017-18 season.

The Sixers believed they were ready to contend for their first championship in 37 years and Brand spent $180 million to re-sign Tobias Harris and nearly $100 million to sign free agent Al Horford away from Boston. Ben Simmons and Joel Embiid emerged from The Process to become All-Stars and earn hefty contracts but have yet to prove they can carry the Sixers into serious championship contention.

"Thank you to Josh Harris for the trust he has placed in me to lead the 76ers," Morey said. "I am humbled by the challenge and will work tirelessly to win the hearts of Philadelphia's legendary fans."