Scunthorpe announce that Russ Wilcox and Tony Daws will take temporary charge of the first team following the departure of Brian Laws.
The 52-year-old was relieved of his duties on Wednesday following the Iron's 2-1 defeat to local rivals Grimsby in the FA Cup first-round replay the night before.
A statement on the club's official website said: "We would like to thank Brian for his work at the club both on and off the field for Scunthorpe United.
"Sadly, these decisions are not easy but we felt it was in the best interests of Scunthorpe United for now and its long term future.
"In the interim period, first team affairs will be looked after by [assistant manager] Russ Wilcox and [youth development officer] Tony Daws while the club carries out the interview process for the new manager.
"We would ask all supporters of Scunthorpe United to have patience while the process of finding a new manager is undertaken and to give Russ and Tony your full support."
Laws is the second League Two managerial casualty of the season after Kevin Blackwell, who was sacked by Bury in October.
The former Nottingham Forest defender spent seven years as United manager between 1997 and 2004, before re-joining the club just three weeks after his departure. Laws then remained at Glanford Park until 2006 before going on to manage Sheffield Wednesday and Burnley.
He returned for a third spell as Scunthorpe manager in October 2012 but couldn't prevent the club from dropping to League Two in his first season back at the helm.
United are without a win in the last five matches and currently sit 12th in the Sky Bet League Two table, two points beneath the play-off spots.