In the wake of Fred Hoiberg's firing on Monday morning, Jim Boylen has been promoted from assistant to head coach of the Chicago Bulls. Boylen's promotion leaves a vacancy in the team's assistant ranks but it sounds like management isn't ready to make any additions yet.

On Monday, Bulls Executive Vice President of Basketball Operations John Paxson would release an official statement with regards to Hoiberg's firing, via ESPN:

“Decisions like this one are never easy to make, however I felt this was the right choice for our organization at this time,” John Paxson, the Bulls' executive vice president of basketball operations, said in a statement.

“After a thorough evaluation, I elected to make this move with the overall development of our team in mind. As a team, I believe it is imperative that we make unfaltering strides in the right direction and build the right habits to help put our players in the best position to evolve not only now, but into the future. I want to thank Fred for his dedication and efforts, as well as for his enduring commitment to our team.”

It seems Paxson simply felt that the team wasn't heading in the right direction and he's right. Chicago has lost six consecutive games and 10 of their last 11. Furthermore, their 5-19 start is tied for 5th-worst in franchise history.

Boylen, now 63 years of age, has served as an assistant for several teams around the NBA, including the Houston Rockets, Golden State Warriors, Milwaukee Bucks, Indiana Pacers and San Antonio Spurs. He's well-respected in the locker room and around the league. However, this will be his first time serving as a head coaching capacity at the NBA level.

Under his current contract with the Bulls, Boylen will earn just under $1 million annually through the 2019-20 season.

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The Bulls will be back in action on Tuesday night, when they'll travel to Indiana for a match-up against the Pacers.

Tip-off inside Bankers Life Fieldhouse is set for 7:00 p.m. EST.