Chairman of the Board, Kristina Keneally, expressed her appreciation for Mr Sengstock's contribution to Basketball Australia.
"Larry took on the CEO's job in 2009; just months after NBL clubs and State and Territory Associations passed a unanimous vote for the unification of basketball at all levels under the governance of Basketball Australia. He has worked hard to make that unification a reality - drawing together the constituent members of BA and creating a single voice for the sport," Ms. Keneally said.
"Pleasingly, these stronger connections across the basketball family - players and fans - has led to increased attendance at NBL and WNBL games, and increased viewership on television."
Ms Keneally also noted the creation of NBL Community to drive and promote the work of professional clubs in supporting community and charity initiatives. She also praised the success Australian teams had secured during Larry's tenure.
"One of the great accomplishments of basketball in recent years is the success of our national teams, and our stand-out international ranking as one of the top five basketball-playing nations in the world," Ms. Keneally said.
Currently, the Jayco Opals are ranked equal second in the world; the Boomers are ranked ninth. The men's wheelchair team, the Rollers, are the reigning world-champions, and the women's wheelchair team, the Gliders, are ranked fourth in the world.
"Our international results are something other codes can only dream about, and Larry's push for continued high performance is a key part of that success," Ms. Keneally said.
Ms. Keneally said that the Board of Basketball Australia thanked Mr. Sengstock for his work and commitment to Basketball Australia.
"Larry Sengstock is one of this country's greatest basketball players, and will always be a great ambassador for the sport. His contribution to the growth of basketball in Australia over the past 35 years cannot be underestimated. He will always hold a very special and honoured place in Australian basketball," Ms. Keneally said.
The Board of BA will be commencing its search for a new CEO immediately.
"The Board has decided to take Basketball Australia in a new direction, and refocus the organisation's resources and structure to best deliver on its recently adopted Strategic Plan."
BA Board member and former CEO Scott Derwin has agreed to act as an interim CEO until a new Chief Executive Officer is appointed.