Yeovil have sacked manager Gary Johnson after three years in charge.
The former Bristol City boss, who also managed the Glovers between 2001 and 2005, led the Somerset side into the Championship for the first time in their history but after relegation last season they now sit four points adrift of safety at the foot of Sky Bet League One.
A club statement confirmed that assistant Terry Skiverton, who managed the Huish Park side for three years between 2009 and 2012, will take over as acting manager with Darren Way as his assistant.
"The decision to relieve Gary of his management duties is the hardest I have been involved in during my 23 years at Huish Park," chairman John Fry told the club's official website.
"I cannot speak too highly of the man who in the past brought so much success to our club. We part company on good terms and I would like personally to wish him well for the future.
"Gary took the Glovers from the Conference to the Championship and is regarded as one of the best managers in the Football League".
"More importantly, he is one of the most successful managers in Yeovil Town's 119 year history.
"After considerable discussion regarding the best way forward, the club's directors decided to terminate Gary's contract and to pursue alternative managerial options."
Johnson's side, who bowed out of the FA Cup in January after a money-spinning home defeat to Manchester United, have won just five league games this season and sit rock-bottom of the division.