The Washington Wizards have finally relieved Ernie Grunfeld of his duties.

According to a press release from the franchise, Grunfeld has been fired as president of the Wizards after 16 years on the job.

"We did not meet our stated goals of qualifying for the playoffs this season and, despite playing with injuries to several key players, we have a culture of accountability and a responsibility of managing to positive outcomes," said Ted Leonsis. "I wish to thank Ernie for his service to the Washington Wizards. He and his family have been great leaders in our community and have worked tirelessly to make us a top NBA franchise."

The franchise announced that senior vice president of basketball operations Tommy Sheppard will take over on an interim basis while the organization conducts its search for Grunfeld's full-time replacement, which is a job Sheppard will be a candidate for.

According to a report from Adrian Wojnarowski of ESPN, the Wizards job is considered to be an attractive opening for prospective candidates, largely because of resources and geography.

Grunfeld was originally hired in June 2003 as the Wizards' president of basketball operations. Despite the fact that Grunfeld did not enjoy consistent success in the role -- the team went 568-724 during his tenure in D.C. -- only four other executives served as long in the same role: Miami's Pat Riley, Dallas' Donnie Nelson, San Antonio's R.C. Buford and Boston's Danny Ainge, all of whom brought at least one NBA championship to their respective franchise. 

It was always perplexing as to how Grunfeld was able to maintain his job as long as he did. Whereas a guy like Buford has presided over four NBA championship runs during his tenure in San Antonio, Grunfeld had never even led the Wizards to a conference finals appearance. In fact, the team finished with as many non-playoff seasons (8) as they did playoff appearances. Grunfeld's tenure saw him preside over five different head coaches with the same results -- the peak being semi-finals appearances for the Wizards.

As Wojnarowski points out, the next Wizards general manager will have to find a way to get rid of John Wall's massive long-term contract just months after he tore his Achilles. He's on the verge of starting the first season of a contract extension that will pay him $170 million for another four years.

With that said, the Wizards are making the first move in what was very needed as they rebuild moving forward.