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Bristol Rovers have sacked manager Paul Trollope following their exit from the Johnstone's Paint Trophy on Tuesday night to Exeter City on penalties.
Trollope, 38, has been placed on gardening leave with immediate effect while Rovers search for a replacement.
"We now find ourselves in the bottom four, with attendances dropping off rapidly," said chairman Nick Higgs.
"And the board felt that immediate action was needed to try and reclaim something from this season."
Higgs continued: "We would all like to thank Paul for everything he has done for the club over the last five years.
"He presided over a very successful period for us, and became one of only five managers in the history of the club to secure promotion with Bristol Rovers.
"We now hope to make a prompt appointment to take over the managerial role and get the club moving back in the right direction."
Trollope joined Rovers in 2004 as a player and became first-team coach in December 2005 following the departure of Ian Atkins.
In September 2009 he signed a new 12-month rolling contract and took on the title of manager rather than first-team coach.
One of the major successes in Trollope's reign was guiding Rovers to the JP Trophy final in 2007.
The former Wales international also achieved promotion to League One via the play-offs in the same year.
However, this season Rovers have won just five out of 19 league games and sit in the drop zone in League One.
Having been dumped out of the FA Cup by Blue Square Bet Premier side Darlington last month the defeat to Exeter in Tuesday night's area semi-final was the final straw for the Rovers board.
The club will announce who will be in temporary charge later today.
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Trollope, 38, has been placed on gardening leave with immediate effect while Rovers search for a replacement.
"We now find ourselves in the bottom four, with attendances dropping off rapidly," said chairman Nick Higgs.
"And the board felt that immediate action was needed to try and reclaim something from this season."
Higgs continued: "We would all like to thank Paul for everything he has done for the club over the last five years.
"He presided over a very successful period for us, and became one of only five managers in the history of the club to secure promotion with Bristol Rovers.
"We now hope to make a prompt appointment to take over the managerial role and get the club moving back in the right direction."
Trollope joined Rovers in 2004 as a player and became first-team coach in December 2005 following the departure of Ian Atkins.
In September 2009 he signed a new 12-month rolling contract and took on the title of manager rather than first-team coach.
One of the major successes in Trollope's reign was guiding Rovers to the JP Trophy final in 2007.
The former Wales international also achieved promotion to League One via the play-offs in the same year.
However, this season Rovers have won just five out of 19 league games and sit in the drop zone in League One.
Having been dumped out of the FA Cup by Blue Square Bet Premier side Darlington last month the defeat to Exeter in Tuesday night's area semi-final was the final straw for the Rovers board.
The club will announce who will be in temporary charge later today.
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