Hoiberg's recipe for success was clear to everyone who followed his team, everyone except those running the Bulls organization.
It was a Monday morning surprise for fans of the team, even if they thought the move might come later in the season. His overall record with the Bulls is 115-155 (.426), including a 5-19 (.208) start this season.
Associate head coach Jim Boylen will take over as the permanent head coach.
With the Bulls, the team missed the playoffs twice and lost in the first round once during Hoiberg's tenure. He has 20 years of National Basketball Association coaching experience and has been a part of three National Basketball Association championship teams.More news: Pompeo warns of escalation risk as Iran conducts missile test
Hoiberg had been the Bulls' head coach since June 2015.
Boylen has over 30 years of coaching experience, serving as an assistant coach for over 20 years.
He spent 2004-2005 with Milwaukee and then worked two years at Michigan State, where he began his coaching career from 1987-1992.
The 7-foot Markkanen is perhaps the centerpiece of Chicago's rebuilding plan, but Hoiberg won't be around to see it through. Although LaVine returned healthy this season, injuries piled up even worse, with Markkanen missing the first six weeks with an elbow sprain, Kris Dunn missing all but one game so far with a left knee sprain, and Denzel Valentine out for the rest of the season as he recovers from surgery for an ankle injury.
The Bulls are now on a six-game losing streak and have only won one of their last 10 games.