2:47pm: The Bucks have officially announced Hammond's extension through 2015/16, via a team release.
"John does a terrific job for our basketball team," said Bucks owner Herb Kohl. "He and his staff have assembled a roster of very talented players who are also very good people, which our fans appreciate and enjoy watching. John is highly respected by the players and among his peers and I’m happy he will continue to lead our basketball operations department."
2:11pm: Hammond's extension with the Bucks will be worth about $1.8MM per season, reports Ken Berger of CBSSports.com (via Twitter).
1:34pm: Bucks general manager John Hammond and head coach Scott Skiles both entered the season on the last year of their respective deals, but while Skiles and the Bucks parted ways earlier this month, it seems Hammond will be sticking around long-term. Charles F. Gardner of the Milwaukee Journal Sentinel reports (via Twitter) that the Bucks and Hammond have agreed to a three-year contract extension for the GM.
Hammond, who took over as the Bucks' general manager in April 2008, has been responsible for drafting Brandon Jennings and Larry Sanders, among others. He has also completed a number of trades over the last several years, including dealing Andrew Bogut to Golden State last March in a multiplayer deal that saw the Bucks land Monta Ellis. Hammond was named Executive of the Year in 2009/10, a season in which Milwaukee posted a 46-36 regular season record.
Around the time that Jim Boylan replaced Skiles as the Bucks' head coach, Gardner had reported that the team was in talks with Hammond about a possible extension.