Ken Holland, who was named general manager and president of hockey operations of the Oilers on Tuesday, made the announcement during a press conference.
Hitchcock replaced Todd McLellan as Oilers coach on Nov. 20, 2018. McLellan was named coach of the Los Angeles Kings on April 16.
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At the time Hitchcock was hired, the Oilers were sixth in the Pacific Division (9-10-1) and lost six of their past seven games while allowing 3.30 goals per game.
The Oilers failed to qualify for the Stanley Cup Playoffs for the second straight season and 12th time in 13 seasons. They were tied with the New Jersey Devils for 25th in the NHL in goals-against average (3.30) and 30th in penalty-kill percentage (74.8 percent).
Edmonton finished 35-38-9 this season; Hitchcock was 26-28-8.
Hitchcock is the third-winningest coach in NHL history (849-534-127, 88 ties) in 22 seasons with the Oilers, Dallas Stars, Philadelphia Flyers, Columbus Blue Jackets and St. Louis Blues behind Joel Quenneville (890) and Scotty Bowman (1,244). The 67-year-old coached the Stars to the Stanley Cup in 1999 and won the Jack Adams Award with the Blues in 2011-12.
Hitchcock won eight division titles and the Presidents' Trophy twice (1997-98, 1998-99 with Dallas). He's 86-82 in 168 postseason games coached and his teams reached the conference final five times and the Stanley Cup Final twice (1999, 2000).
Hitchcock had retired from coaching last season after the Stars went 42-32-8 and failed to qualify for the playoffs but remained with the organization.
