Brendan Shanahan's time with the Toronto Maple Leafs is over after 11 seasons.
The club announced Thursday that it won't renew its president and alternate governor's contract, which expires at the end of June.
Brad Treliving is staying on as general manager, reports Sportsnet's Elliotte Friedman.
"Brendan is one of the most respected leaders in the game and he has instilled many of the traits that were the signature of his Hall of Fame career throughout the organization, uniting this storied franchise in the 'Honor, Pride, and Courage' that it was founded on," Maple Leafs Sports & Entertainment president and CEO Keith Pelley said in a statement.
"Our responsibility and driving motivation, however, is to add a new chapter to the Maple Leafs' championship history, and it was determined that a new voice was required to take the team to the next level in the years ahead."
Pelley will hold a press conference Friday at 1 p.m. ET.
The decision comes on the heels of yet another disappointing playoff finish, as the Maple Leafs were blown out 6-1 at home in Game 7 against the Florida Panthers on Sunday.
The Maple Leafs hired Shanahan in 2014 after they had missed the playoffs in eight of the previous nine seasons. He quickly turned the franchise around with a rebuild deemed the "Shanaplan," as the team made a surprise playoff appearance in 2016-17. It was the first of nine straight postseason berths for Toronto, the longest active streak in the league.
However, the Maple Leafs never made it beyond Round 2 during Shanahan's tenure.
"Toronto is where I was born and raised, where my family still lives, and being part of this historic franchise will always be one of the greatest honors of my life," Shanahan said in a statement.
He added, "While I am proud of the rebuild we embarked on starting in 2014, ultimately, I came here to help win the Stanley Cup, and we did not. There is nothing more I wanted to deliver to our fans, and my biggest regret is that we could not finish the job."
He's widely credited with restoring relationships with Maple Leafs alumni and bringing the franchise back to respectability. However, Shanahan ultimately had final say in the decision to keep the Core Four of Auston Matthews, Mitch Marner, William Nylander, and John Tavares together despite a string of postseason failures. Marner and Tavares are now pending unrestricted free agents.
Shanahan may not be out of work for long, as the New York Islanders will reportedly speak to him about a front office position. The Islanders are without a president and general manager after deciding not to renew Lou Lamoriello's contract.
