"While we always understood this review and process would take time, it was the responsibility of the football committee to ensure all information was considered to make the right decisions for the club moving forward," Pascoe said.
"Michael has been with the club over arguably its most challenging time with the Covid-19 pandemic, has overseen significant change both on and off the field throughout his tenure and, on behalf of all at the Wests Tigers, I'd like to thank him for his effort so far.
"We are firmly committed to building a high performing club. With our strong financial position, increased investment and recent success of our pathway teams, the new Centre of Excellence and continued work on a South West academy, the arrival of Tim Sheens and his experience in NRL systems, this club is posed to reap the rewards of several years of hard work.
"We believe that through Michael's vast experience and by continuing to challenge the way we operate, we will continue drive the high standards and behaviours needed to ensure we achieve our goals as a club."
Maguire was announced as the Wests Tigers coach in October 2018, but has failed to lead the club into the finals in his three seasons at the helm.
In 2019, the Tigers narrowly missed out on finals with a 9th place finish but have regressed since, with an 11th and 13th place finish in 2020 and 2021 respectively.
Maguire arrived at the Tigers after he was cut loose by the Rabbitohs in 2017.
He delivered a premiership to the Bunnies in 2014, the club's first since 1971.
