Ronald Koeman has been sacked by Everton in the wake of yesterday's 5-2 defeat by Arsenal which left the team sitting in the relegation zone for the first time in 12 years.
A statement on the club's official website confirmed a decision from Farhad Moshiri and chairman Bill Kenwright that had become increasingly likely despite the recent vote of confidence in the manager from the Blues' major shareholder.
In addition to Everton's nose-diving form in the Premier League, the club are bottom of their Europa League group, having lost two and drawn one of their games so far, the worst such record for an English team in the competition to date.
Koeman arrived at Goodison Park in June last year billed as a marquee replacement for Roberto Martinez who was dismissed as manager following a similarly disastrous run of results.
The Dutchman, an experienced coach who had won the title in the Netherlands three times before coming to England, guided unfancied Southampton to seventh and then sixth place in the Premier League and was seen by Moshiri as the ideal candidate to take Everton forward.
Backed by unprecedented investment on the playing side and a club-record £6m-a-year salary, Koeman had been expected to steer the Blues into the Champions League but what he regarded as an initial three-year project derailed in dramatic fashion with five defeats in nine league games.
Everton's statement read as follows:
Everton Football Club can confirm that Ronald Koeman has left the Club.
Chairman Bill Kenwright, the Board of Directors and Major Shareholder Farhad Moshiri would all like to express their gratitude to Ronald for the service he has given to the Club over the past 16 months and for guiding the Club to seventh place in last season's Premier League campaign.
The 54-year-old was insistent after the heavy loss to Arsenal that he was the right man to turn Everton's fortunes around but a visible loss of confidence among the players and no sign of an upturn in results forced the hierarchy to act.
Koeman took training as normal at Finch Farm this morning but was informed shortly afterwards by CEO Robert Elstone and Chairman Bill Kenwright of the Board's decision to terminate his contract.
He presided over 24 wins during his 58 games in charge, with 14 draws and 20 defeats. His backroom staff consisting of his brother and assistant Erwin, fitness coach Jan Kluitenberg, and goalkeeping coach Patrick Lodewijks have also left their positions. First team coach Duncan Ferguson is believed to be staying with the club.
Everton face Chelsea at Stamford Bridge in the League Cup fourth round on Wednesday night where Under-23s manager David Unsworth is expected to take temporary charge alongside John Ebbrell.