The move follows a review that found the system is top-heavy with managers and should focus more on supporting health-care providers.
The changes include reassigning 75 other senior executives to positions where they will support front-line staff.
Health Minister Fred Horne says more needs to be done to make patients and people the system's top priority.
The review says greater performance should be expected considering how much money the government spends on health care.
Horne fired the entire Alberta Health Services board in June after a dispute over executive pay and perks.
The five executives include chief operating officer Chris Mazurkewich; chief medical officer David Megran; senior vice-president of communications Roman Cooney; senior vice-president of the Edmonton zone Mike Conroy; and Barbara Pitts, the senior vice president of priorities and performance.
John Muir, a spokesman for health minister Fred Horne, would not confirm the names of the fired executives.
But he confirmed the firings are the result of a review of AHS governance by Janet Davidson, the official administrator hired by Horne after he fired the entire AHS board on June 12.
Horne fired the AHS board shortly after the release of a report that was highly critical report of AHS operations.
The report described a lack of "stability in leadership" and a "tendency on the part of the government to become overly involved in AHS operations."