"Three years ago, Lou and I agreed on a contract that would see him serve as general manager of the Maple Leafs for three years and then transition to senior advisor for the following four years," president Brendan Shanahan said in a release. "This morning, I informed Lou that I was not going to deviate from that course of action. I will now focus all of my attention towards making a decision regarding our next general manager."
Lamoriello joined the Maple Leafs back on July 23, 2015, after resigning from the New Jersey Devils. Under his direction, Toronto drafted Mitch Marner and Auston Matthews and acquired goaltender Frederik Andersen.
The team also made the playoffs for the first time in a full 82-game season last year, repeating the trick this term while posting a franchise-best 105 points.
"I would like to take this opportunity to thank Lou for his tireless work over the last three years as general manager," Shanahan said. "His leadership in helping establish a cultural foundation, as well as his invaluable mentorship to everyone in this organization, has been instrumental in our development."
The team will hold a conference call Monday at 1 p.m. ET.