Stan Van Gundy, Otis Smith out

Updated: May 21, 2012, 3:39 PM ET
ESPN.com news services

The Orlando Magic have parted ways with head coach Stan Van Gundy and general manager Otis Smith, the team announced in a statement Monday afternoon.

Van Gundy had a 259-135 regular season record in five seasons with Orlando. The Magic made the playoffs all five seasons with Van Gundy at the helm including three Southeast Division titles and a 2009 Eastern Conference title.

Otis Smith had been general manager since 2006 and also added the title of president of basketball operations in 2010. During his tenure, Smith presided over the longest extended period of success in the franchise's history.