Wolverhampton Wanderers on Monday sacked manager Mick McCarthy just 24 hours after their humiliating 5-1 home loss to local rivals West Bromwich Albion.
Former Republic of Ireland international McCarthy, 53, took over at the club in 2006, guiding them into the Premier League in 2009.
But the club have won just one of their last 11 Premier League games and are now 18th in the table after a Peter Odemwingie hat-trick inspired West Brom in the Black Country derby at Molineux on Sunday.
"The board took the difficult decision after a run of form which has seen Wolves pick up 14 points in the last 22 league games," read a club statement.
"(McCarthy's assistant) Terry Connor will take charge of team training in the interim until a new manager is appointed.
"The board would like to place on record their sincere thanks and appreciation to Mick McCarthy and he leaves with the very best wishes of everyone connected to the club."
McCarthy was already under pressure to improve results after owner Steve Morgan came into the dressing room following a recent defeat against Liverpool and blasted the players for their poor performance.
A 2-1 success at QPR 10 days ago ended a run of 11 games without a victory in all competitions, but it didn't help McCarthy's cause that the Wolves fans had already lost patience with the former Sunderland and Millwall manager.
They had called for his head back in October during a 2-2 draw against Swansea and several hundred supporters protested against the ex-Republic of Ireland coach in the aftermath of Sunday's woeful derby defeat.
McCarthy publicly apologised for his players' capitulation against West Brom and insisted he believed he was still the right man for the job.
But Morgan, who is out of the country on a ski holiday, has decided a change is needed with 13 games to go if Wolves are to avoid relegation to the Championship.
Survival has been Wolves' only aim since their return to the top-flight.
Last year they only held onto their place among the elite on the final day of the season and their failure to show signs of improvement this term has cost McCarthy his job.
However, former Wolves and England boss Graham Taylor believes the players have to take some responsibility for McCarthy's exit after such a poor display against the Baggies.
"There has to be some leadership in that dressing room now," Taylor told Sky Sports News.
"I'm talking about every player. There was a real lack of leadership on the pitch against West Brom. The players have to look at themselves.
"Their Premier League futures are at risk and, irrespective of form and style, they have to get back to winning ways.
Among the favourites to replace McCarthy are Neil Warnock, recently sacked by QPR, former Sunderland boss Steve Bruce and ex-West Ham manager Alan Curbishley.
Taylor admits a change of boss may provide the spark Wolves' need to climb out of trouble and he added: "A new manager can sometimes have an effect on the players for a short period of time.
"Maybe that is behind Steve Morgan's thinking, hoping someone new will get a reaction to help the club stay in the Premier League."