The Orlando Magic, head coach Stan Van Gundy, and general manager Otis Smith have mutually agreed to part ways, the team announced on Monday.
"On behalf of the DeVos Family, we sincerely appreciate and thank Otis and Stan for all that they have done on and off the floor for the Orlando Magic," said Magic CEO Alex Martins in a statement. "These are the days you dread in this business, but we feel it's time for new leadership and new voices.
"They both brought die-hard dedication and an unmatched work ethic on a daily basis," added Martins. "Their success is well documented, as the Orlando Magic has had the fourth best record in the NBA over the last five years, and entering the playoffs this year the third most playoff wins over that period of time. The disappointment of getting eliminated in the first round of the playoffs these past two seasons played a primary role in our decision, as we feel our momentum towards winning a championship has paused. We wish Otis and Stan all the best and we look forward to taking the next step towards winning that championship."
Van Gundy was hired in 2007 to be the Magic's head coach, compiling a 259-135 (.657) record in five seasons in Orlando. He led Orlando to five postseason berths and the 2009 Eastern Conference crown
Smith had served as the President of Basketball Operations since the 2010 season and became the Magic general manager in 2006.
For more on the Orlando Magic's 2012 offseason, visit SB Nation's Magic blog Orlando Pinstriped Post.