Chris Drury and the New York Rangers agreed to a multiyear contract extension on Wednesday, keeping him at the helm of the team's hockey operations after missing the playoffs for the first time since the 2020-21 season.

"I am pleased that Chris will continue to lead the Rangers hockey operations in his role as president and general manager," Madison Square Garden chairman and CEO James Dolan said in a statement. "Over his tenure, Chris has shown passion for the Rangers, relentless work ethic and a tireless pursuit of excellence.

"While we are all disappointed in what transpired this past season, I am confident in his ability to guide this organization to success."

Drury, 48, took over as general manager and president of hockey operations at the start of the 2021-22 season. The Rangers reached the playoffs in his first three seasons.

His future was one of a few items that remained in question, with the intent that the Rangers would use this offseason to reload in their bid to return to the playoffs. The team also is facing a third coaching search in four seasons after firing Peter Laviolette following his two seasons.

"I am honored to sign this contract extension and continue in this position with the team I grew up supporting," said Drury, a former Rangers captain who played four seasons with the team. "As I said when I began in this role nearly four years ago, there isn't a more special organization in hockey, and I look forward to continuing our work this offseason to help us reach our goals for next season and in the coming years."

After winning the Presidents' Trophy and reaching the Eastern Conference finals under Laviolette in the 2023-24 season, the Rangers started 12-4-1 this season, only to lose the next five games. That started a chain reaction of inconsistent play that ultimately led to the Rangers finishing six points out of the final Eastern Conference wild-card spot.

While the Rangers sought to make the playoffs, Drury also made it known they were open for business in December. That's when they traded captain Jacob Trouba, who still had a year left on his contract, to the Anaheim Ducks. A few weeks later, they traded Kaapo Kakko, the No. 2 pick in the 2019 NHL draft, to the Seattle Kraken for defenseman Will Borgen, who would then sign an extension with the Rangers.

A month before the trade deadline, the Rangers reacquired J.T. Miller in a trade with the Vancouver Canucks. The Rangers also traded defenseman Ryan Lindgren to the Colorado Avalanche and forward Reilly Smith to the Vegas Golden Knights while adding defensemen Carson Soucy in a separate deal with the Canucks.

Still, the Rangers lost four consecutive games in early March before having two three-game losing streaks that further damaged their chances in the Eastern Conference wild-card race.

Now that Drury has a new contract, he'll be charged with trying to improve a roster that PuckPedia projects will have only $9.67 million in available cap space. K'Andre Miller, Zac Jones and Matt Rempe are part of the club's eight-player restricted free agent class, while the Rangers have only two unrestricted free agents in Nicolas Aube-Kubel and Calvin de Haan.

Drury will be looking for a coach in what is expected to be a competitive market. Anaheim and Seattle also fired their coaches, and three other teams -- Boston, Chicago and Philadelphia -- ended the season with interim coaches. The Canucks declined the option on coach Rick Tocchet, but they have offered him a new, more lucrative contract.