Karnisovas takes over for John Paxson, who had previously held that title and who had been the organization's lead basketball executive since 2003.
"Arturas is one of the most respected basketball executives in the NBA," Bulls chief operating officer Michael Reinsdorf said in a statement. "His resumé speaks for itself. I am thrilled that he is now a member of the Bulls. As the new head of basketball operations, I am confident that his vision, ability to lead and experience helping build winning teams in Houston and Denver will serve him well here. I am very pleased to welcome him and his family to the City of Chicago and have him officially join our organization."
Karnisovas, 48, had worked in the Nuggets' front office since 2013, most recently as their general manager. Prior to that, he worked as a scout in the Rockets' organization for five years and in the NBA league office as well.
"This is the height of a dream for me, and I am prepared for the challenge that it presents," Karnisovas said in a statement. "I grew up watching the Chicago Bulls. They represented American basketball and the NBA to a kid from Lithuania. I’ve always had a love for this franchise and to be a part of it and influence its revival is a privilege. I want to thank Jerry and Michael Reinsdorf and the entire Bulls organization for presenting me with this opportunity and welcoming me and my family to Chicago."
Karnisovas and the Bulls agreed to a deal in principle late last Wednesday. He has been busy since, adding salary cap specialist J.J. Polk from the Pelicans as a new assistant general manager for the Bulls. Nuggets director of pro personnel Pat Connelly is also expected to join the Bulls in a similar role that he had in Denver, according to reports.
The next important task that Karnisovas is facing is hiring a general manager. Clippers assistant general manager Mark Hughes, 76ers senior vice president of player personnel Marc Eversley, Magic assistant general manager Matt Lloyd and Nuggets assistant general manager Calvin Booth are among those whom Karnisovas is targeting, Adrian Wojnarowski of ESPN reported. Booth is also a serious candidate to take over for Karnisovas as the new general manager in Denver.