Stillwater, OK -- (Sports Network) - Oklahoma State is in the market for a new men's basketball coach, the school announced Tuesday that head coach Sean Sutton has resigned after a two-year stint.

Sutton and Oklahoma State athletics director Mike Holder met Monday, and concluded that it would be in the best interest of the program for Sutton to resign.

"After discussions with Sean, and after examining the status of our program, Sean and I both concluded that it is in the best interest of the OSU program and Sean to go in a different direction at this time," Holder said.

Sutton, who had three years remaining on his contract, guided the Cowboys to a record of 39-29 since taking over for his father, Eddie Sutton. Oklahoma State finished this past season with a record of 17-16, losing to Southern Illinois in the first round of the NIT.

The Cowboys made two NIT appearances in the younger Sutton's two seasons at the helm, losing to Marist in the first round of the 2007 tourney.

"This was an extremely difficult decision and this is a sad day for me personally and this university," Holder said. "We cannot overlook the contributions Sean has made to OSU as a player, assistant coach and head coach. OSU is deeply appreciative and grateful to Sean as well as his father Eddie, who together revived OSU basketball and made the program a consistent contender for conference, tournament and national championships."

Sutton also played for the Cowboys under his father, and after spending a season as an assistant at Ole Miss, he returned to Stillwater for the 1993-94 season and spent 13 years as an assistant. He was on the bench for Oklahoma State's Final Four appearances in 1995 and 2004.

"Sean played a major role in the ascension of OSU basketball into the top tier of the nation," said OSU president Burns Hargis. "While this was indeed a tough decision for everyone we all agree that it is the right decision for the future of the program and for Sean."

Holder said that Oklahoma State would immediately begin a search for Sutton's replacement.