Tom Thibodeau

After losing in the second round of the Playoffs to the Cleveland Cavs, the Chicago Bulls have fired head coach Tom Thibodeau.

The coach has been let go after five seasons with the franchise, despite having two years and nearly $9 million remaining on his contract.

During his tenure, Thibodeau earned the 2010-11 NBA Coach of the Year and led the Bulls to a .647 win percentage in the regular season (255-139)… and that’s with star point guard Derrick Rose playing only 181 of 394 games, due to injury.

“The Chicago Bulls have a history of achieving great success on and off the court,” Bulls chairman Jerry Reinsdorf said in a statement announcing the firing. “These accomplishments have been possible because of an organizational culture where input from all parts of the organization has been welcomed and valued, there has been a willingness to participate in a free flow of information, and there have been clear and consistent goals.

“While the head of each department of the organization must be free to make final decisions regarding his department, there must be free and open interdepartmental discussion and consideration of everyone’s ideas and opinions,” he continued. “These internal discussions must not be considered an invasion of turf, and must remain private. Teams that consistently perform at the highest levels are able to come together and be unified across the organization-staff, players, coaches, management and ownership. When everyone is on the same page, trust develops and teams can grow and succeed together.”