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The Milwaukee Bucks have fired Mike Budenholzer following their first round exit.

Budenholzer, who guided the Bucks to the 2021 NBA championship, had two years and $16 million left on his contract. Milwaukee had the best record in the NBA during the 22-23 regular season, but they were eliminated in five games in the first round by the Miami Heat.

“The decision to make this change was very difficult,” Jon Horst said in a statement Thursday. “Bud helped lead our team for five incredible seasons, to the Bucks’ first title in 50 years, and into an era of sustained success. We are grateful for the culture of winning and leadership that Bud helped create in Milwaukee.

“This is an opportunity for us to refocus and reenergize our efforts as we continue building toward our next championship season.”