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Hayen was sacked following the 4-1 defeat at Lincoln City on Saturday, which left the Clarets 22nd in the table with one win from 12.
Initially, the club made a brief statement which read: “Burnley Football Club has dismissed Head Coach Nicky Hayen with immediate effect. The Board has taken the decision following a disappointing start to the Championship season.”
Pace has now taken to social media to thank Hayen for his efforts at Turf Moor and admitted the decisions are “never easy”.
“I would like to personally thank Nicky for his hard work and commitment during his time at Burnley Football Club,” the chairman wrote on his official X account.
“Nicky has given his all to the role, and I know how much time and effort he has put into his work with the players and staff.
“These decisions are never easy, but I want to express my sincere appreciation for the professionalism and dedication he has shown throughout his time with us. I wish Nicky and his family all the very best for the future.”
Pace also commented on the arrival of Diego Lopez as the club’s new Chief Football Officer and believes it is an “important appointment”.
"I am delighted to welcome Diego López to Burnley Football Club as our new Chief Football Officer," he added.
“This is an important appointment for Burnley. Diego shares our ambition for what we can achieve together and our commitment to raising standards across the whole football club.
“He will oversee our football operations, recruitment and sporting structure as we build the foundations to strengthen the club for years to come. I am excited about the role he will play in shaping our future.”
Burnley are back in action on Saturday when they welcome Portsmouth to Turf Moor. At the time of writing, no announcements have been made over who will be leading the team.