Despite enjoying some highs along the way, like a first victory at Manchester United since 1978, Albion only preserved their top-flight status by three points.
Steve Clarke and latterly Pepe Mel were unable to turn around the club's fortunes and both men lost their jobs as a consequence, leaving Peace looking for his seventh head coach in four years.
Peace admits performances were not good enough in 2013-14 and wants key lessons to be learnt.
"For a club of our resources, it was always going to be difficult to repeat our highest Premier League finish of eighth in the previous season," Peace told the club's official website.
"However, it was not the campaign we hoped for or expected and, as chairman of the football club, the buck stops with me.
"Our upward curve since returning to the top flight in 2010 has dipped considerably.
"With our search for a new head coach now underway, we've been addressing the areas within the club that need strengthening.
"The most important thing is that we can attempt to correct the mistakes that have been made whilst still a top-flight club.
"For a club of our size, this has, and always will be, our number one objective and we hope that we can achieve this in a less fraught manner in future seasons."
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