The Orlando Magic exercised their fourth-year team option and extended the contracts of general manager Rob Hennigan and coach Jacque Vaughn through the 2015-16 season, the team announced Friday.

The Magic finished the regular season 23-59 and 13th in the Eastern Conference.

"Rob (Hennigan) and Jacque (Vaughn) have worked extremely hard in establishing a culture which embodies teamwork, hard work, hunger for success and humility," CEO Alex Martins said in a statement. "With their strategic direction and leadership, we feel we are headed in the right direction, which will allow us to achieve our goals of contending in a long-term, sustainable fashion."

Hennigan was named general manager of the Magic in June 2012. Hennigan spent the previous four seasons (2008-12) with the Oklahoma City Thunder, including his last two seasons as assistant general manager/player personnel.

Vaughn became the 10th coach in Magic history in July 2012. He is the second-youngest head coach in the NBA. Prior to joining the Magic, Vaughn spent two seasons (2010-12) as an assistant coach with the San Antonio Spurs. He played 12 seasons in the NBA from 1997-2009, including 80 games with Orlando in 2002-03. Vaughn was a member of the San Antonio Spurs team that won the NBA title in 2007.