Hearts have announced that manager John McGlynn has left the club by mutual consent.
McGlynn, who took over at Tynecastle in June 2012, has left with immediate effect with the club sitting second-from-bottom of the Scottish Premier League having lost their last four league games.
"The over-riding factor in this decision was the long-term well-being of Heart of Midlothian Football Club," a statement on the club's official website said.
"We would like to thank John for his tireless efforts as manager of Hearts and wish him well with his career. He will be welcomed back to Tynecastle as guest of the club at any time."
First-team coach Gary Locke and player development manager Darren Murray will take temporary charge of the team while the process of finding a new boss begins.
The club had been in a transitional period, trying to promote a system where young players are brought into the first-team as opposed to foreign imports, and the club have stated it is "imperative" they find the right man to take them forward.
McGlynn, speaking to Hearts News, said: "I was very grateful to be given the chance to become Hearts manager as it was my dream job. It was an honour and privilege to serve the club.
"It is unfortunate that things didn't turn out the way I wanted them to and I am gutted about that. I don't think I could have done any more but the league table doesn't lie and I know it is a results-driven business."
Speaking of the club's financial plight, McGlynn stated his belief that off-field problems had affected the squad - though he was optimistic the club can secure victory over St Mirren in the League Cup final on March 17.
"We had a lot of difficult circumstances to deal with and they have taken their toll in the end but no-one will be more delighted than me if the team can go on and win the League Cup," he said.
"I would like to thank all the backroom staff, the physios, medical staff and video analysis department, the clubs media department and everyone at Tynecastle for being good fellow-workmates. I am a worker and want to get back into football as quickly as possible."
Hearts go looking for their first win in six games when they play second-placed Motherwell in the SPL this weekend.