The New York Rangers and coach Gerard Gallant have mutually agreed to part ways after a first-round loss in the playoffs.

Early playoff exits have consequences, it seems. 

The New York Rangers and Gerard Gallant mutually agreed to part ways on Saturday, ending the coach's tenure in the Big Apple after two full seasons. The search for a new coach will begin immediately.

"I want to thank Gerard for his work and commitment to the Rangers during his time as head coach," said GM Chris Drury in a statement. "I have a ton of respect for Gerard as both a coach and person and truly appreciate everything he did for us on and off the ice these last two seasons. 

"After my evaluation of the season and discussions with Gerard, we mutually came to the conclusion that a change would be beneficial for both parties."

Hired in 2021, Gallant spent 164 regular season games behind the Rangers' bench prior to his dismissal, compiling a 99-46-19 record while also leading the club to an appearance in the Eastern Conference final in 2022. In fact, the Rangers' successful 2022-23 campaign was enough to make history, bestowing Gallant with the distinction of being the first coach to lead the club to back-to-back 100-point seasons. 

Unfortunately, that's where the success would end. 

After the Rangers loaded up at the trade deadline this season by acquiring star forward Vladimir Tarasenko and Patrick Kane, the expectation among fans and management alike was for a deep Cup run. Alas, that is not what happened, as the Rangers ultimately blew a 2-0 series lead in their first-round matchup with the New Jersey Devils to bow out with a whimper in seven games. 

After the Rangers were eliminated, reports began to surface about there being friction between Gallant and GM Chris Drury, with the two reportedly engaging in a shouting match prior to the club's early exit. 

Now, both sides have made the decision to part ways, ending a brief but nonetheless exciting chapter in Rangers history.