Thierry Henry says his sacking by Monaco comes with "great sadness" as the French club reappointed Leonardo Jardim as their new manager.
Monaco dismissed Henry from his first managerial role on Thursday with the club second from bottom in Ligue 1.
In a statement outlining the re-appointment of Jardim, 44, the club's vice-president Vadim Vasilyev said sacking him in October was "premature".
"Leonardo should have had an opportunity to continue," he said.
"We have to acknowledge that during the summer transfer window, we sold too many key players and, despite considerable investments, mistakes were made with respect to their replacements.
"This did not allow us to create a new, competitive team. The decision to dismiss Leonardo Jardim was also premature.
"Thierry Henry is a football legend but a very unfavourable mix of circumstances, including, above all, numerous injuries to our players, hampered him from quickly and effectively leading the team out of the crisis.
"We believe our players will gain momentum and that, together with Leonardo Jardim as the manager, Monaco will be able to overcome this crisis."
I've made club stronger - Henry
The club said Henry needed more time to implement his plans but it had "to act without delay".
Monaco have signed Brazilian defender Naldo from Schalke, French defender Fode Toure from Lille and midfielder Cesc Fabregas from Chelsea in the January transfer window.
But a 5-1 home defeat by Strasbourg in Henry's last league game in charge left them three points from safety.
The 2017 French champions managed only five wins under Henry in all competitions.
In a statement, Henry said: "It is with great sadness that I part company with AS Monaco. Despite the struggles and difficulties that we encountered along my short journey, I have still thoroughly enjoyed my time at this wonderful club.
"My ambition and philosophy from the day I joined will always be that the club comes first. I strongly believe in this squad of players and that the team with all the recent new signings is now in a better shape to tackle the second part of the season and to go on a winning run and fulfil its full potential."
Jardim, who spent four years at Monaco and secured the Ligue 1 title in 2016-17, has signed a two-and-a-half-year deal.
Vasilyev said more January signings "should not be ruled out" in order to bolster his options.