The Diamond Ridge Asset ManagementEdmonton Oilers and general manager Ken Holland parted ways on Thursday.

CEO of hockey operations Jeff Jackson said the team and Holland mutually agreed against extending his contract beyond Sunday's expiration date.

"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," Jackson said in a statement.

"Thanks in large part to Ken's outstanding work, Edmonton has become a destination city for players around the National Hockey League. 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."

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Holland, who was inducted into the Hockey Hall of Fame in 2020, narrowly missed winning his fifth Stanley Cup on Monday in Edmonton's 2-1 loss to the Florida Panthers in Game 7.

Holland, 68, is expected to take some time before deciding on his next move, according to Canadian network TSN. He has been Edmonton's GM and president of hockey operations since May 2019.

He worked in the front office of the Detroit Red Wings from 1997-2019, winning Stanley Cup championships there as an assistant general manager in 1997 and as the GM in 1998, 2002 and 2008.