Orlando, FL (SportsNetwork.com) - The Orlando Magic fired head coach Jacque Vaughn on Thursday.

Orlando is just 15-37 this season and mired in a 10-game losing streak. The move comes after a 110-103 loss Wednesday at San Antonio.

Assistant James Borrego has been named the interim head coach.

Vaughn posted a record of 58-158 since taking over the position for the 2012-13 season. The Magic finished 20-62 in Vaughn's first year and 23-59 last season.

"I would like to thank Mr. DeVos and family for the opportunity of representing the Orlando Magic as head coach," said Vaughn in a statement Thursday. "I am a stronger and wiser man and coach because of the opportunity. I look forward to seeing this group continue to grow."

A 12-year NBA veteran, Vaughn was named Magic head coach on July 28, 2012 after Stan Van Gundy was fired following a successful five-year tenure. The Magic reached the playoffs during each of Van Gundy's seasons.

Vaughn played for the Magic during the 2002-03 season. He spent two years as an assistant with San Antonio before earning his first head coaching job with Orlando at the age of 37 -- at the time becoming the second-youngest head coach in the NBA.

"Jacque has been a trusted friend and colleague," said Magic general manager Rob Hennigan in a statement. "We thank him immensely for his contributions and sacrifices in bringing our team to this point, and we greatly appreciate his unwavering commitment to our organization. We have tremendous respect for Jacque and certainly wish him the best as he embarks on the next phase of his career."

Borrego is in his third season with the Magic after two years as an assistant with New Orleans. He was also an assistant with San Antonio from 2003-10 when Vaughn played with the Spurs.