In a statement released on Monday, Chief Executive Officer Alex Martins said, "On behalf of the DeVos Family, we sincerely appreciate and thank Otis and Stan for all that they have done on and off the floor for the Orlando Magic.These are the days you dread in this business, but we feel it's time for new leadership and new voices."
Van Gundy was hired in June 2007 and had a record of 259-135 in five seasons with the Magic. Smith was named general manager in May 2006 and was promoted to president of basketball operations in July 2010.
There was no mention in the official statement of Dwight Howard or his relationship with Van Gundy.
Stay tuned to Orlando Pinstriped Post for more reaction to this news.