Ken Holland will not be returning as general manager and president of hockey operations for the Edmonton Oilers, the team announced Thursday ahead of the NHL Draft.

The Oilers do not have a pick until the second round, having traded their first-round selection to the Anaheim Ducks in March.

“The Edmonton Oilers and Ken Holland have mutually agreed that his contract will not be extended beyond the end of its current term,” Edmonton Oilers CEO of hockey operations Jeff Jackson said in a release. “Over the past five seasons as general manager, Ken has not only built the Edmonton Oilers into one of the NHL’s best teams, he has also established a deeply rooted foundation of success and a culture of winning that will continue well into the future. Thanks in large part to Ken’s outstanding work, Edmonton has become a destination city for players around the National Hockey League.

“We wish Ken, Cindi and his entire family the very best and thank him for his leadership and contributions to the Oilers organization and the City of Edmonton.”

Holland, who was voted into the Hockey Hall of Fame in 2020, just missed out on capturing his fifth Stanley Cup as an executive as the Oilers fell 2-1 to the Florida Panthers in Game 7 on Monday.

The 68-year-old Holland joined the Oilers in 2019 following a stellar 22-year run as an executive with the Detroit Red Wings.

He won four Stanley Cup titles with the Red Wings, earning his first while serving as assistant general manager and goaltending coach in 1997 and claiming the other three as general manager in 1998, 2002 and 2008.

After months of speculation and rumors, the Edmonton Oilers have officially announced that they will not be extending General Manager Ken Holland’s contract. This decision comes as a surprise to many in the hockey world, as Holland has been with the organization for just over two years and has made significant changes to the team’s roster during his tenure.

Holland, who previously spent over two decades as the General Manager of the Detroit Red Wings, was brought in to Edmonton in May 2019 with the hopes of turning around a struggling Oilers team. While he has made some notable moves during his time with the organization, including trading for defenseman Duncan Keith and signing forward Zach Hyman to a long-term contract, the team has failed to make a deep playoff run under his leadership.

The decision not to extend Holland’s contract likely comes as a result of the Oilers’ disappointing performance in the 2021-2022 season. Despite having two of the league’s top players in Connor McDavid and Leon Draisaitl, the team finished the regular season with a record of 42-28-12 and were eliminated in the first round of the playoffs by the Dallas Stars.

Many fans and analysts have criticized Holland for his handling of the team’s salary cap situation, as well as his inability to build a competitive roster around McDavid and Draisaitl. With both players entering the prime of their careers, the Oilers are under pressure to surround them with the talent necessary to compete for a Stanley Cup.

While Holland’s departure may come as a disappointment to some Oilers fans, it presents an opportunity for the organization to bring in a new voice and fresh perspective to lead the team. The search for a new General Manager is expected to begin immediately, with several qualified candidates rumored to be in consideration for the position.

In the meantime, the Oilers will continue to focus on building a competitive roster for the upcoming season and beyond. With McDavid and Draisaitl leading the way, there is no doubt that Edmonton has the potential to be a contender in the NHL. It will be interesting to see who the organization chooses to lead them into this next chapter and what changes they will make to ensure success in the future.