Kettering manager Mark Stimson has left the Blue Square Bet Premier crisis club and Mark Cooper has taken caretaker charge until the end of the season.
Stimson took over at Nene Park in September but the Poppies were put under a transfer embargo and transfer-listed their entire squad in November.
The 44-year-old has only been able to name two substitutes on a regular basis since the embargo.
Cooper managed the Poppies between 2007 and 2009.
The 43-year-old left the Northamptonshire club for Championship side Peterborough but was sacked after only two and a half months.
His most recent club were Darlington, whom he left in October.
He joins a side that have not won in 11 games, and their last two matches have both ended in 5-0 losses to Luton.
That run of no wins since October has seen Town slide into the relegation zone.
A club statement read: "On behalf of the players, supporters and staff we thank Mark for his efforts during a very difficult period and wish him the very best for the future."
Former Stevenage, Gillingham and Barnet boss Stimson took over from Morell Maison before the crisis that has put the club's existence in doubt became fully apparent.
He transfer-listed 11 players and admitted he was shocked by the poor fitness of the squad he had inherited within weeks of arriving.
But a month later, the club's financial situation became known and he lost several of his squad in the final week of the transfer loan window and had to look to the Poppies' youth team to supplement his squad.
Following their last league win, a 1-0 success over Forest Green on 15 October, the club were 16th with 18 points from 16 games. However, they have picked up just four points from their following 11 league matches and now sit 22nd.
He leaves Nene Park with a record of four wins, five draws and 13 defeats from 22 games.