The longtime captain was named the Red Wings general manager on Friday and will be in charge of getting the team back in the playoffs for the first time since 2016.
"I'm extremely honored to be named General Manager of the Red Wings", said Yzerman.
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Yzerman joined the Red Wings in 1983 and played his entire career with the team, retiring in 2006 after 22 seasons.
Yzerman stepped down as general manager of the Tampa Bay Lightning a year ago just two days before training camp, triggering talk he would come back to run the Red Wings.
This story will be updated as more details are announced.
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When the announcement was made, Yzerman said he would be with the team until the end of the 2018-19 season, but "after that, I don't know".
I was fortunate to learn the management side of the game from Jim Devellano, Ken and others in the Red Wings organization for four seasons after I retired, and I'm very happy to have the opportunity to work alongside them once again. He previously served as Red Wings GM beginning in 1997.
Yzerman's return will be heralded in Detroit, and now he'll face more pressure as a front office member than he ever has.
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A Hall of Fame player who captained the team for two decades, Yzerman was a key player on three Stanley Cup-winning teams in Detroit. He began his post-playing career as vice president of hockey operations under Holland in Detroit and was part of the organization as a Stanley Cup victor in 2008 before leaving to lead the Lightning. His career ended with 1,755 regular-season points, a total that led all active players when he retired and trailed just five in National Hockey League history.