The pair are now at the head of the football management side of the club.
“Milan struggled and were unable to qualify for the Champions League, but I hope they can do better next year and that Paolo can do a good job as director," Gullit told Sky Sport Italia.
“It takes money to create a great team, as that's how you buy players. The problem is that over the last few years, the previous directors did have money, but it wasn't spent well.
“They purchased players who Milan didn't really need."