The Lightning are heading to the Stanley Cup Playoffs for the second time in Yzerman's four seasons. They made it all the way to Game 7 of the Eastern Conference Final in 2011 before losing to the eventual Stanley Cup champion Boston Bruins.
"Since the day Steve agreed to serve as our vice president and general manager, he has worked tirelessly to transform our hockey department and establish the groundwork for sustained success," Lightning chairman and governor Jeff Vinik said in making the announcement. "We are very pleased with Steve's job performance thus far, and I am fully confident Steve remains the right person to continue to lead us.
"Organizationally, we remain committed to playing at the highest levels each season -- regularly competing for the Stanley Cup -- and I am very pleased that Steve has elected to be our leader for the next several years."
With Yzerman as general manager, the Lightning are 144-114-32 in just under four full seasons.
"I'm grateful for the opportunity to continue the process we started four years ago and would like to thank Jeff Vinik for entrusting me with the responsibility of leading the Tampa Bay Lightning," Yzerman said. "I'm very excited about what lies ahead for our organization and truly enjoy working with a fantastic group of people in Tampa Bay."