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Donnie Walsh out as Knicks president

Alan Hahn and John Schuhmann both tweeted that Donnie Walsh is out as the Knicks' president.

Dolan: "Donnie Walsh and I have mutually agreed that he will be leaving his position as president... at the end of June.... will remain with the team as a consultant for the 2011-12 season."

I ... I just don't have anything to say.

Update from Hahn:

Glen Grunwald will run the team as interim GM for the time being as a search for a new president and GM.

Update from Ken Berger:

Glen Grunwald will serve as interim GM beginning July 1, and the team will begin the search for Walsh's replacement.

Not entirely sure what that means. Does Donnie still handle the draft if Grunwald is taking over in July?