The Hurricanes made the announcement Tuesday. The club failed to make the WHL playoffs during Preston's four seasons at the helm. They finished in ninth place in the Eastern Conference in 2012-13, six points behind eighth-place Kootenay with a 28-34-10 record.
"Rich has done what we have asked him by rebuilding the team through the draft and we appreciate all the work he has done," Hurricanes board of directors president Brian McNaughton said in a statement. "We are, however, not satisfied with the direction we headed in the last 30 games of the season and believe that making a change today is in the best interest of the franchise."
The Hurricanes promoted Brad Robson to general manager. Robson had been an assistant GM with the club since 2008.