Graham Westley has stepped down as Preston North End manager.
The Lillywhites have won only once in the league since November and have not recorded a home victory in League One since 29 September.
They were beaten 3-1 at Yeovil on Tuesday to leave them 17th in the table.
Preston released a statement saying:" Graham oversaw a fundamental change in reducing the wage bill in line with the financial fair play criteria and brought together a whole new squad of players last summer.
"After an initially encouraging start to the season regrettably results have not been acceptable and the Board felt that a change of manager was the only way forward.
"Graham leaves with our thanks and best wishes for the future."
Westley oversaw a significant overhaul of the North End squad last summer, with 21 players either released or allowed to find new clubs, and 15 brought in.
The 44-year-old, who had been in charge at Deepdale since January last year, when he left Stevenage to succeed Phil Brown, said earlier this month he expected to be given time to build a successful side.
But with the club just five points above the relegation zone the board has decided a change is needed and will now be looking to appoint a fourth permanent manager in three years.