"The decision was made as a result of conduct inconsistent with the core values of the Ottawa Senators and the National Hockey League. Mr. Little's departure is effective immediately," the statement read.
Little released a statement later Wednesday that attributed his dismissal to using "very strong language" in a phone argument with Senators owner Eugene Melnyk on Feb. 14. Little said they were discussing his approach to the job.
Little joined the team on Jan. 10. His role was focused on business strategy, with an emphasis on trying to boost attendance at Canadian Tire Centre.
"Frankly, over the last few years there have been some areas where - as every company goes through - you lose sight of the customer. My first and foremost job is to get the customer back," Little told TSN's Ian Mendes in February.
Prior to working for the Senators, Little held positions with Shaw Communications, Royal Bank of Canada, and Bombardier.
The Senators will begin their search for a replacement immediately.