Memphis Grizzlies Fire CEO Jason Levien

Memphis Grizzlies CEO Jason Levien has lost his job at the NBA franchise.

Along with assistant general manager Stu Lash, Levien was fired from the organisation by owner Robert Pera.

The team announced the stunning moves Monday afternoon, saying “the decision was made for Jason Levien and Stu Lash to depart the organization” after discussions with management.

ESPN.com first reported the departures earlier Monday, with sources close to the situation saying a breakdown in the relationship between Pera and Levien — who helped broker Pera’s purchase of the franchise from Michael Heisley in June 2012 — led to a major shakeup in Memphis for the second successive spring.

The Grizzlies, in confirming the departures of Levien and Lash, announced that longtime team executive Chris Wallace, who has moved into the background over the past 18 months, has been re-installed as head of basketball operations “for the time being.” It is also believed that Grizzlies general counsel Dave Mincberg will take a more prominent role in the team’s decision-making going forward.

“Our franchise has made tremendous strides over the last few seasons and we thank Jason for his hard work and dedication and wish him nothing but success in his future endeavors,” Pera said in a statement. “Rest assured that we remain as committed as ever to bringing a championship to this great city and we are confident that when the new season begins our fans will be excited about both our roster and the direction of our organization.”