PARIS, Feb. 15 (Xinhua) -- Vadim Vasilyev has been released from his role as vice president and CEO following a six-year stint at Ligue 1 struggling side Monaco, the club's president Dmitry Rybolovlev announced through a statement on Thursday.

Rybolovlev said that over the six years of Vasilyev's tenure at Monaco, they had come a long way together and achieved much success, including the team's first Ligue 1 title in 17 years and a semifinal appearance in the Champions League.

"However, over the past year, serious mistakes had been made that have led to the team's worst performance in seven years," he said.

The 2017 French champions languish at 18th after 24 rounds this season. The team at this position need to contend for a top-flight spot next season through the playoffs.

"Since recently, I have had to deal with the club's problems. I took a number of difficult, but, in my opinion, necessary decisions.

"In particular, I called Leonardo Jardim myself, apologizing for the mistake made back in October and asking him to return to lead the team. I have approved all of his proposals in relation to the acquisition of new players during the winter transfer window," Rybolovlev pointed out.

Jardim was fired as head coach last October, but took the helm again just three months later.

"Now it is time for change. Changes relate not only to the players, but also to the top management of the club," Rybolovlev talked about Vasilyev's departure, adding that "I am very grateful to Vadim for all that he has done for our club, and I wish him all the best."

Rybolovlev said that he's planning to submit a new candidate for the posts of vice president and CEO to the club's board of directors for consideration on February 22.

"It is not the first time that Monaco finds itself in a crisis situation. Seven years ago we managed to get through it. We are striving to repeat that success," Rybolovlev said.

Showing his gratitude to Rybolovlev and supporters, Vasilyev added that "during this time, I did my best to ensure that the club achieved the results we expected."

"Despite the challenges of recent months, I am proud of the results that we achieved over these six intense years.

"I am convinced that the group is on the right track and that by the end of the season the players will have had the opportunity to show their best to save this wonderful club," he said.