Manager Gary Johnson has been sacked by Yeovil after three years in charge.
The 59-year-old has secured three promotions with the Glovers across two spells in charge at Huish Park.
But they were relegated from the Championship last season and are currently bottom of League One, four points from safety with only six wins from 28 games.
Johnson's assistant and former full-time boss Terry Skiverton will take charge until further notice.
Chairman John Fry said in a statement: "The decision to relieve Gary of his management duties is the hardest I have been involved in during my 23 years at Huish Park.
"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."
|The managerial merry-go-round|
|Gary Johnson's departure from Yeovil is the 34th managerial change in the Football League this season.|
|He was the ninth longest-serving manager in the Football League, having spent three years and one month at Huish Park.|
Johnson took Yeovil from non-league to League One during his four-year spell at the club between 2001 and 2005.
He went on to manage Bristol City, Peterborough and Northampton before returning to the Glovers in 2012, replacing Skiverton, who moved to be his assistant.
Eighteen months later, Johnson took Yeovil to a Wembley play-off final where they beat Brentford to win promotion to the second tier for the first time in their history.
With the smallest budget in the league, Johnson's side won eight and drew 13 of their 46 games and finished bottom of the table.
But they have continued their decline this season and have been in the League One relegation zone since November.