The New Jersey Devils managing partner and chairman announced Sunday that the team and General Manager Ray Shero have agreed to part ways, effective immediately.

"Ray is a talented hockey executive and I am confident he will have great success in the future. However, Ray and I are in agreement that the Devils need to move in a new direction and that this change is in the best interest of the team," said Josh Harris, New Jersey Devils managing partner and chairman.

Harris said that in the coming weeks and months, they will be launching a formal search for a new general manager.

Harris added that Tom Fitzgerald will serve as interim general manager and will receive support from Martin Brodeur, who will serve as an advisor to and on hockey operations.

"Our organization remains deeply committed to creating a sustainably winning franchise. Our fans deserve nothing but the best hockey. We thank them for their continued support as we work toward our goals," said Harris.