01/13/2014 10:53 EST | Updated 03/15/2014 05:59 EDT

Bryan Murray signed as Senators GM through 2016

The Ottawa Senators want general manager Bryan Murray to stay on a little longer after losing his heir apparent to the Buffalo Sabres last week.

Senators owner Eugene Melnyk on Monday announced the National Hockey League team has reached a contract extension with Murray through the 2015-16 season.

On Thursday, Murray's nephew Tim left his post as assistant GM in Ottawa to become Sabres GM.

Melnyk also announced that Bryan Murray has been named president of hockey operations. He'll continue his GM's duties for the next two seasons and remain with the organization in an advisory role.

"Without question, Bryan stands among the best general managers in the National Hockey League," Melnyk said in a statement released by the team. "Our drafting success and the emergence of so many young, dynamic players within our organization is a testament to Bryan's leadership and wealth of hockey knowledge."

In other front-office moves, the Senators have promoted Pierre Dorion and Randy Lee to assistant GM.

Melnyk noted the pair's numerous acheivements in scouting, drafting and player development.

"Bryan [Murray] and I believe both Pierre and Randy have more than earned the oppportunity to take on more senior roles in hockey operations."

Murray first joined the Senators as head coach on June 8, 2004 and compiled a record of 107-55-20 in two-plus seasons.

He led Ottawa to the Stanley Cup Finals in 2007, falling in five games to the Anaheim Ducks and was named the club's sixth GM on June 18, 2007.

Murray returned to the bench in February 2008, relieving John Paddock, and guided the Senators to a 7-9-2 mark in the final 18 games of the regular season. On July 1, 2009, he added the title of executive vice president of Senators Sports & Entertainment to his portfolio.

"This team has come a long way and we have seen real growth over these past three seasons," Murray said in a statement. "I know that with the pool of talent we have assembled, both on and off the ice, and our desire to improve at every level, that we are on the right path to develop this team into a group talented enough to compete for championships."

Previously, Murray, who hails from Shawville, Que., served as senior vice president and GM in Anaheim, where he also coached for one season in 2001-02.

He is in his 19th season as a GM, having served four years with the Detroit Red Wings, six-plus campaigns with Florida and two seasons with the Ducks.

Murray began his NHL coaching career on Nov. 11, 1981 in Washington and has also stood behind the bench in Detroit and Florida. He won coach of the year honours in 1983-84 with the Capitals.