Please resist the urge to pull the band-aid. I'm not a fan of keeping a poor performer, but unless this person is a behavioral or "for cause" termination, he deserves some professionalism here. 30-day Performance Plan, make the goals aggressive and stick to it - he can consider that his head start to either buck up or start searching.
Remember, your other employees watch how you treat their former colleagues. A quick termination before a holiday is prickish, an aggressive performance plan is taking care of business.