Ian Holloway has departed Queens Park Rangers after 18 months at Loftus Road.
Holloway returned to the club for his second stint as manager in November 2016, and was tasked with reducing the wage bill and steadying the ship after numerous on-and-off-field issues since their relegation form the Premier League.
During his current spell at the club he oversaw 80 games, winning 26, drawing 14 and losing 40.
CEO Lee Hoos said: “On behalf of the Board we are hugely grateful to Ian for his incredible efforts during his time with us.
“He joined us at a critical stage as we looked to reduce the wage bill, bring in younger talent and remain competitive on the pitch at the same time.
“That is no easy task and it was down to his desire, love for the club and hard work that he achieved those goals.
“However, we are now looking to take the next step as we continue to work through what is a vital period of transition for the football club.”
Director of Football Les Ferdinand added: “We would like to place on record our sincere thanks to Ian for all his efforts.
“His enthusiasm and passion for the club can never be questioned and we are immensely grateful to him for helping us during his time here.
“He will always be welcomed back to Loftus Road with open arms.”
An announcement regarding his replacement will be made in due course.