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CLEVELAND -- The Cleveland Cavaliers have released a statement regarding team personnel at 2 p.m. Thursday.

Below is the statement:

The Cleveland Cavaliers have released General Manager Chris Grant and appointed Vice President of Basketball Operations, David Griffin, as Acting General Manager. Grant was named general manager of the Cavs on June 4, 2010. He originally joined the franchise as the club's vice president of basketball operations/assistant general manager in July 2005.

"I would like to thank Chris Grant for his eight and a half years of service with the Cleveland Cavaliers, the last three and a half as General Manager. Chris always conducted himself with class, integrity and was motivated by what he believed was right for the organization. We wish Chris and his family the best in the years to come," said Dan Gilbert Majority Owner of the Cavaliers.

"My entire focus the past eight years has been on trying to build a team that can contend and win and provide Cleveland fans the success that they deserve," said Grant. "I have a tremendous appreciation for the players that are here and the coaches that I have worked with, as well as our front office. I thank them for all of their dedication and commitment to the Cavaliers."

Gilbert went on to address the current situation and the path ahead:

"This has been a very difficult period for the franchise. We have severely underperformed against expectations. Just as this is completely unacceptable to our loyal and passionate fan base, season ticket holders and corporate partners, it is also just as unacceptable to our ownership group. I can assure everyone who supports and cares about the Cleveland Cavaliers that we will continue to turn over every stone and explore every possible opportunity for improvement to shift the momentum of our franchise in the right direction. There is no one in our entire organization who is satisfied with our performance, and to say that we are disappointed is an understatement. We all know the great potential of our young talent, seasoned veterans, as well as our recent all-star addition. We believe a change in leadership was necessary to establish the best possible culture and environment for our entire team to flourish.

There is no move, nor any amount of capital investment, we will not make if we believe it will improve our chances of competing and winning in this league for both the short and long term. The fans of this great city have invested too much time, money and effort for the kind of product we have recently delivered to them. This must change," concluded Gilbert.

David Griffin joined the Cavaliers as vice president of basketball operations in September 2010. Prior to joining the Cavaliers, Griffin spent 17 seasons with the Phoenix Suns, the last three as the club's senior vice president of basketball operations after being named to the position in June 2007.

Grant's tenure will be known for not being able to rebuild the Cavs fast enough despite having a slew of first-round draft picks, including two No. 1 overall selections.

Grant addressed the team's poor play last week, saying everyone in the organization was accountable, including himself. Some of his biggest moves over the past year have backfired.

Grant shocked many by drafting Anthony Bennett with the first pick last June and then signed free agent center Andrew Bynum during the summer when no other team would offer the 7-footer a contract. Grant was able to unload Bynum in a trade with Chicago for Luol Deng, but the forward's arrival has done little to invigorate the Cavs.

The acquisition of Deng last month brought hope the season could be salvaged, but that proved to be temporary. The Cavs went 3-2 on a West Coast trip, but followed that with a 1-4 record on its longest home stand of the season.

The Cavaliers are in the middle of a disappointing season. They have lost six straight bringing the team's record to 16-33.

The most recent loss came last night to the Lakers 119-108.

Grant has been GM since June 2010 and with the franchise since 2005.

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