Indianapolis Colts General Manager Ryan Grigson has been named Sporting News' NFL Executive of the Year, the publication announced Monday.

The award was voted upon by NFL coaches and team executives.

Grigson, in his first season as a general manager, was hired Jan. 11, 2012, after the Colts compiled a 2-14 record and owner Jim Irsay fired vice chairman Bill Polian and his son, Chris, the Colts' GM.

Grigson released former head coach Jim Caldwell and replaced him with Chuck Pagano and a new coaching staff. The Colts finished 11-5 and in second place in the AFC East before losing in the opening round of the playoffs.

"It's truly an honor to be recognized for this award and I'm thankful to all of my peers who considered me for this accolade," Grigson said in a prepared statement. "Our success this season encompassed the entire organization, including the unwavering support from Mr. Irsay, the dedication of the entire scouting department, the leadership of the coaching staff and the gutsy performance of our players week in and week out."

The nine-win improvement from 2011 to 2012 was the third-best one-year turnaround in NFL history.

Grigson also drafted Stanford quarterback Andrew Luck with the team's No. 1 draft pick, along with three other draft picks who became starters: tight ends Coby Fleener and Dwayne Allen, and running back Vick Ballard.

Luck broke the NFL rookie single-season record for passing yards and 300-yard passing games.