Sheffield Wednesday boss, Carlos Carvalhal, has left the club by mutual consent.
The decision comes after the Owls lost 2-1 at home to Middlesbrough on Saturday, leaving them 15th in the Championship table and without a point in their last three matches.
Carvalhal told swfc.co.uk: “The chairman and myself talked after the game and we believed this was the correct timing to make this decision.
“Of course, I am very sad at this moment because I have enjoyed my two seasons and a half so much with Sheffield Wednesday.
“We had two fantastic seasons and two play-offs on the row but unfortunately we have not managed to replicate these positions this season.
“There are reasons why I believe this is the case and the problems we have faced, of which I have spoken in my press conferences, so now is not the correct time to repeat.
“Now is the time to focus on the wonderful experiences I have enjoyed at Sheffield Wednesday and the friends I have made.
“The fans are fantastic, unbelievable, and I would like to thank them very much. They have given me some memories that I will always cherish.”
Carvalhal was appointed head coach at Hillsborough in 2015 and led them to last year’s play-off semi-final where they were beaten on penalties by Huddersfield Town.
The Portuguese won 56 out of 131 games in charge during his two-and-a-half year spell.
The Owls have been unable to replicate last season’s form that led them to a 4th-placed finish, though, leading to a toxic atmosphere at times as frustrations grew around the club and its fanbase.
Chairman Dejphon Chansiri told swfc.co.uk: “I would like to offer my sincere thanks to Carlos for the time, effort and commitment he has given Sheffield Wednesday over the last two and a half years.
“Both parties believe the time is right to go our separate ways.
“I maintain a huge amount of respect for Carlos as a coach and as a person and he will always be welcome at Hillsborough.
“I wish him every success in the future.”
Lee Bullen will take charge of the first team for the Boxing Day trip to Nottingham Forest until a permanent appointment is made, with all eyes on the Steel City derby on January 12 at Bramall Lane.