The United States Olympic Committee announced yesterday the creation of a new president/chief executive officer position to replace the existing post of executive director now held by Dick Schultz, who said he will not seek the new position.

Schultz, 69, said yesterday the newly created post will require a longer commitment than he is willing to make.

The USOC is expected to fill the new post by late January at the earliest, when its full, 105-member board meets, according to a spokesman.

"We're looking at a five-to-six year commitment," Schultz said. "I've hit the ball pretty hard all my life, but my wife would kill me if I [took the new position] and so would my grandkids."

Schultz, who has served as USOC executive director since July 1995, said he will continue as head of Olympic Properties of the United States (OPUS), which is a joint marketing venture between the USOC and the Salt Lake Organizing Committee. As head of OPUS, Schultz will be in charge of raising $20 million a month over the next year to help fund the 2002 Winter Olympics in Salt Lake City.

The executive director is a full-time job that pays $475,000 annually and includes overseeing the USOC staff and running its day-to-day operations. As a result of the changes, which will set up a management structure similar to those of most for-profit corporations, the president/CEO will assume the responsibilities of the executive director.

Schultz said the reorganization will require changes to the USOC constitution, which requires approval of 66 percent of the 105 committee members.

The USOC hopes to begin the process of searching for a president/CEO in October, but Schultz said the process may take until next spring.

In addition to the creation of the new post, the voluntary position of USOC president, now held by Bill Hybl, will be changed to chairman of the board and remain voluntary.

Hybl said that making the president/CEO a paid, full-time position for someone who implements the policy of the USOC will make the organization's structure more effective.

"This is going to be very helpful," said Hybl, who added that he intends to finish his current term, which ends in November 2000.