No contract extension for Edmonton Oilers GM Ken Holland

Ken Holland and the Edmonton Oilers are parting ways.

In a statement Thursday, Jeff Jackson, the Oilers' CEO of hockey operations, thanked Holland for his time as general manager of the National Hockey League club.

"The Edmonton Oilers and Ken Holland have mutually agreed that his contract will not be extended beyond the end of its current term," Jackson said.

"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."

"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, 68, has been Edmonton's GM and president of hockey operations since May 2019.

Before joining Edmonton, Holland spent 22 seasons as GM of the Detroit Red Wings.

Detroit won Stanley Cups in 1998, 2002 and 2008 under Holland.

The Oilers lost Game 7 of the Stanley Cup final Monday to the Florida Panthers.

Building around superstar captain Connor McDavid and elite forward Leon Draisaitl, the Oilers finished the season looking like the potential champions many expected to see when Holland, who was inducted into the Hockey Hall of Fame in the builder category in 2020, took over from interim GM Keith Gretzky on May 7, 2019.

But Edmonton's rise to the top came in fits and starts, with Holland coming under fire over much of his tenure for building a top-heavy roster and failing to solve the team's goaltending woes.

The Oilers lost in the qualifying round of the playoffs in the pandemic-shortened 2019-20 season, then were swept by the Winnipeg Jets in the