Cambridge United head coach Shaun Derry left the League Two club by mutual consent within moments of full-time in Friday's 0-0 draw with Lincoln City.
His departure comes after former chairman Paul Barry became the club's new owner earlier on Friday, as Jez George resigned as chief executive.
Derry, 40, was appointed in November 2015 and oversaw ninth and 11th-place finishes in his two seasons in charge.
Backroom team coaches Joe Dunne and Mark Bonner will take temporary charge.
"I would like to wish Cambridge United and Paul Barry all the best for the future as he takes over ownership of the club," Derry told Cambridge's website.
"I would also like to thank everyone connected to the club for making the last two years memorable."
Decision made before Lincoln game
U's director Graham Daniels says the joint decision on Derry's departure was made earlier in the week, with the players reportedly told after the Lincoln stalemate - which left them 14th in League Two.
"We sat down in the last few days and said 'what's best for you going ahead, what's best for us?'" Daniels told BBC Radio Cambridgeshire.
"What's best for both parties is that this is the stage to make a parting of the ways, together and amicably, for his sake."
Daniels hinted that they will not make a decision on a new permanent head coach until the summer, with ex-Colchester manager Dunne and former academy boss Bonner seeing them through the last 15 matches of their campaign.
"These boys are in situ and our expectation is that they will be in situ this season," he added.