Leafs president Shanahan won't have contract renewed after team's 2nd-round playoff exit

Brendan Shanahan needs a new plan. The same goes for the Toronto Maple Leafs.

The Maple Leafs said Thursday it would not renew Shanahan's contract as president and alternate governor after more than a decade on the job and just two post-season series victories despite an embarrassment of high-priced offensive talent.

The 56-year-old was let go following the Original Six franchise's elimination in the second round of this spring's playoffs by the defending Stanley Cup champion Florida Panthers in an Atlantic Division matchup that included consecutive 6-1 home losses to seal Toronto's fate.

The Leafs had plenty of regular-season success with an arsenal of stars — the so-called "Core Four" of Auston Matthews, Mitch Marner, John Tavares and William Nylander — under Shanahan, but went just 2-9 in playoff series with a top-heavy salary structure.

"I want to thank the board of MLSE [Maple Leaf Sports and Entertainment] for the tremendous support they have shown me over my tenure," Shanahan said in statement released by the team. "Toronto is where I was born and raised, where my family still lives, and being a part of this historic franchise will always be one of the greatest honours of my life.

"I want to thank the entire Maple Leafs' staff for their commitment and hard work over the years — they are second to none in the National Hockey League. I want to thank the Alumni for all of their support and the tremendous work they do at our games and within the community. Many of them were my heroes growing up and it has been a pleasure to get to know them on a personal level.

"I want to thank the fans for their passion and loyalty. Your love for the team inspired me every day," Shanahan continued. "While I am proud of the rebuild we