Updated

The Memphis Grizzlies have parted ways with team CEO Jason Levien and director of player personnel Stu Lash. The front-office shake-up comes after the Grizzlies were eliminated in the first round of the NBA playoffs.

The Grizzlies announced the moves on Monday.

General manager Chris Wallace assumes interim responsibility for basketball operations. Jason Wexler, the Grizzlies' chief operating officer, remains responsible for business operations.

Grizzlies owner Robert Pera said in a team statement that, "We are confident that when the new season begins our fans will be excited about both our roster and the direction of our organization."

The Grizzlies went 50-32 and lost in seven games to Oklahoma City in the opening round of the Western Conference playoffs.