Falcioni was hired two years ago and brought Boca a league title, as well as steering the famous Buenos Aires club to the finals of last season's Copa Libertadores, Latin America's most important club tournament.
Angelici said his decision not to renew Falcioni's contract was influenced on Saturday when Boca fans, despite a 2-1 victory over Godoy Cruz, jeered Falcioni with dozens of handmade signs call on him to quit.
“What happened made us reflect,” Angelici told reporters.
Boca finished in sixth place in the just-completed Inicial tournament, the first half of Argentina's split season. Velez Sarsfield won the title with 41 points. Boca finished eight points behind and was in contention until the last two rounds of the season.
Despite his success, Falcioni was never a favorite of Boca fans who disliked his more conservative style of play.
Former Boca coach Carlos Bianchi and former Boca player Rodolfo Arruabarrena are reported as the top two candidates to replace Falcioni.