Horachek replaced coach Kevin Dineen, who was fired Nov. 8. But the Panthers didn’t respond to the change behind the bench, posting a 26-36-4 record under Horachek’s leadership to finish 15th in the Eastern Conference.
"Peter worked very diligently since taking over as interim head coach in November, but at this time we feel that a fresh approach and a new direction is needed behind our bench," Tallon said.
"We will immediately begin an extensive search for a new and experienced coach for our franchise, who will guide the Panthers to future success. We once again thank Peter for all of his hard work and service and wish him the best in his future endeavours."
Horachek had been the coach of Florida's AHL affiliate in San Antonio before being summoned to lead the Panthers.
The Panthers have had seven different coaches in their last 10 seasons, with Dineen the only one in the group to take Florida to the playoffs.
Florida finished with the second-lowest point total in the NHL this season and missed the playoffs for the 12th time in 13 seasons. The Panthers last won a playoff series in 1996, the year they lost to Colorado in the Stanley Cup final.