Sheffield Wednesday have parted company with manager Jos Luhukay following a run of one win from 10 games.
Dutchman Luhukay leaves by mutual consent with the Owls 18th in the Sky Bet Championship table, five points above the relegation zone.
His departure comes two days after Wednesday chairman Dejphon Chansiri announced he was putting the South Yorkshire club up for sale.
"I would like to place on record my thanks to Jos for the efforts he has given to Sheffield Wednesday," Chansiri told swfc.co.uk.
"But now is the right time for both parties to move on and I wish him all the very best for the future."
Coach Lee Bullen has been placed in caretaker charge of the team until a new manager is appointed and will take charge of Saturday's game at home to Preston.
Luhukay spent almost a year at Hillsborough having replaced Carlos Carvalhal in January.
He came under increasing pressure during the club's dreadful recent run of form, with supporters repeatedly chanting for him to be sacked.
Wednesday have managed only one victory since October 7 and hold the worst defensive record in the second tier after conceding 40 goals in 22 matches.
Luhukay also frustrated fans by continuing to overlook some of the club's senior players, including goalkeeper Keiren Westwood and midfielder Sam Hutchinson.
The 55-year-old swore and then walked out of an interview with a local radio station following last weekend's loss at Swansea after taking exception to repeated questions about his future.
Chansiri appeared to back the manager during a heated fans' forum in midweek. The Thai businessman then said at the event that he would listen to offers for the club he bought in 2015.
In addition to on-the-field problems, Wednesday were placed under a transfer embargo between April and August for breaching Financial Fair Play (FFP) rules.
The most recent available financial figures show the Owls lost more than £20million in 2016-17.
Luhukay, who had previously only managed in Germany, arrived after Wednesday had twice lost in the Championship play-offs – including the final in 2016 – under his predecessor Carvalhal.
The former Stuttgart and Hertha Berlin coach was appointed on January 5 and secured a goalless draw at city rivals Sheffield United in his first match.
He took charge of a total of 48 matches in all competitions, winning 16, drawing 13 and losing 19.
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