Wolverhampton Wanderers have announced that they have parted company with manager Mick McCarthy.
Wolves dropped into the relegation zone following their 1-5 thrashing at the hands of West Brom at home on Sunday and the board have taken the decision to terminate McCarthy's contract with immediate effect.
McCarthy has been at the helm since taking over in July 2006 and in just his second year in charge he guided the club to the Championship title in 2009.
He secured Premier League survival for the past two seasons but Wolves have suffered an alarming dip in form - picking up 14 points from the last 22 matches - and Sunday's heavy defeat proved to be the last straw for the board.
"Wolves have today announced that manager, Mick McCarthy, has left the Club with immediate effect," a statement from the club read.
"The Board took the difficult decision to terminate Mick's contract after a run of form which has seen Wolves pick up only 14 points in the last 22 League games, after a promising start to the season, culminating in yesterday's 5-1 defeat at home to West Bromwich Albion.
"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.
"The Club will be issuing a fuller statement in due course."