The Rangers have fired president John Davidson and GM Jeff Gorton.
The team made the move official on Wednesday afternoon, announcing that Chris Drury has been promoted to President and General Manager.
"We want to thank JD and Jeff for their contributions to the organization," James Dolan said in statement. "They are both great hockey professionals who worked hard for the Rangers, however, in order for the team to succeed in the manner our fans deserve, there needs to be a change in leadership.
“Chris is a very sought-after executive and a strong leader, who has proven himself to be one of the top young minds in hockey. We are confident he will effectively guide the team to ensure the long-term success we promised Rangers fans.”
The move comes just one day after the team made a bold statement regarding Monday's Tom Wilson-Artemi Panarin incident, when the Rangers were also eliminated from playoff contention.
Davidson had been the face of the Rangers’ recent rebuild, but after back-to-back top two picks and making the playoffs last year (albeit expanded), ownership felt that the Rangers underachieved this season.