Gerard Gallant out as head coach after disappointing first round exit.

The New York Rangers have officially made a coaching change.

On Saturday, the Rangers officially announced that they would be cutting ties with head coach Gerard Gallant, a split they described as a "mutual parting of ways."

The move comes fresh off the heels of a disappointing first round playoff exit for the Rangers, one in which they invested heavily ahead of the deadline to acquire players like Vladimir Tarasenko and Patrick Kane. After such a major investment it seemed very likely that there would be consequences for the Rangers' disappointing playoff performance, and it would appear that Gallant is the first domino to fall.

Rangers general manager Chris Drury released the following statement:

"I want to first thank Gerard for his work and commitment to #NYR during his time as head coach. I have a ton of respect for Gerard as both a coach + person and truly appreciate everything he did for us on and off the ice these last two seasons."

"After my evaluation of the season and discussions with Gerard, we mutually came to the conclusion that a change would be beneficial for both parties. I wish he and his family all the best in the future. Our search for a new head coach will begin right away.”

Gallant also released a statement on Saturday following the announcement:

“I would like to thank Mr. Dolan, Chris + the Rangers organization for giving me the opportunity to be their head coach these last two seasons. The experience of coaching an Original Six franchise with such rich history and an incredibly passionate fanbase is something I will never forget. After conversations with my family and Chris, it became clear that this was the right decision for both myself and #NYR at this time.”

Stay tuned for more details.