"After a thorough evaluation, I elected to make this move with the overall development of our team in mind", Paxson added.
Boylen returned to the National Basketball Association in 2011-2012 at in and did a two-year stint (2013-2015) under Gregg Popovich at San Antonio, where he won another National Basketball Association title before moving on to the Bulls.
Paxson also said the Bulls are committed to Boylen as their long-term head coach and that general manager Gar Forman is "absolutely safe". With 33 years of coaching experience, that includes 20 seasons in the NBA, Boylen has been a part of three NBA Championship teams.
Hoiberg guided the Bulls to a 115-155 record in just over three seasons as head coach, including one playoff appearance during the 2016-17 season.
In his place, the team has elevated associate head coach Jim Boylen to head coach effective immediately. His past two seasons have been particularly disappointing, as the Bulls have gone 32-74 since the start of the 2017-18 campaign.
The Bulls signed Hoiberg in 2015 to a five-year, $25 million contract. Most recently on the collegiate level, he was head coach at the University of Utah, where he led the Utes to the 2009 NCAA Tournament. Forward Bobby Portis (right knee) has played in four games and point guard Kris Dunn (left knee) has appeared in one, though both are expected back soon. Paxson and Forman have hired Bill Cartwright, Scott Skiles, Vinny Del Negro, Tom Thibodeau and Hoiberg.
The Bulls have been in the midst of a major rebuild since past year, after jettisoning veterans like Dwyane Wade and Rajon Rondo, and trading Jimmy Butler to the Minnesota Timberwolves for for guard Zach LaVine, point guard Kris Dunn and the rights to the No. 7 pick in the 2017 draft.
NOTE: Boylen said Dean Cooper - an assistant with the G League's Windy City Bulls - will join his staff.