Coach Claude Julien, his staff and Chiarelli's assistants "will remain in place at this time," the club said in a statement.
The Bruins made the playoffs every year after Chiarelli's first, 2006-07, won the Stanley Cup in 2011 and reached the final in 2013.
Chiarelli, who was part of the management team for Canada at the 2014 Sochi Olympics, over the weekend called the Bruins' season a "failure," just before they were eliminated.
Team president Cam Neely said the team felt "change is necessary in order to ensure sustainable success for the club both in the short-term and the long-term."
Bruins CEO Charlie Jacobs and Neely are set to address the media Wednesday afternoon at TD Garden.