NEW YORK (AP) Scott Layden was fired Monday as president of the New York Knicks and Isiah Thomas was hired to replace him, a source told The Associated Press.

The move comes after New York missed the playoffs the past two seasons with a roster largely assembled by Layden. The Knicks are 10-18 this season, and recent speculation centered on coach Don Chaney possibly losing his job.

Instead, the odd man out is Layden, who replaced Ernie Grunfeld in the summer of 1999 after the Knicks were coming off an appearance in the NBA Finals.

The team scheduled an afternoon news conference but would not specify what was being announced. An Eastern Conference official who spoke on condition of anonymity confirmed Layden was out and Thomas in.