Steve Cotterill has been sacked as Nottingham Forest manager.
The 47-year-old's exit comes after he met Forest's new owners the Al-Hasawi family, who assumed control on Tuesday.
A statement said the owners, who have called a news conference on Saturday, have decided to make a new appointment "to deliver their long-term vision".
Cotterill took over from Steve McClaren in October and ensured Championship safety, but he has been temporarily replaced by assistant boss Rob Kelly.
Forest's new owners have also cancelled their pre-season tour to America.
A disastrous start to last season saw the Reds hovering just above the relegation zone, and the club was put up for sale by then owner Nigel Doughty when he stepped down as chairman in October.
Doughty died four months later and the club's future became increasingly uncertain.
Despite the off-field problems and the inability to make new signings in the transfer market, Cotterill used the loan market effectively and helped Forest steer clear of relegation in an impressive end to the season.
European Cup-winning stars John McGovern and Garry Birtles told BBC Sport on Wednesday that Cotterill deserved the chance to lead a promotion challenge, but that any decision needed to be made quickly with the season fast approaching.
But the Al-Hasawi family, who have a long history of success with Kuwait's premier football team Al-Quadisya Sports Club in their homeland, have acted swiftly to sack Cotterill and are keen to bring in their own man.
Forest's statement said the decision was taken after "long deliberations" and thanked Cotterill for guiding them through "an extremely difficult and traumatic period and for retaining the side's Championship status last season".
Former Tottenham manager Harry Redknapp, Peterborough United boss Darren Ferguson and ex-Wolves manager Mick McCarthy are among the bookmakers' favourites to replace Cotterill.
But Redknapp has told BBC Radio Nottingham's Robin Chipperfield he does not want to be considered for the role.
"I am not interested," he said. "But it's an amazing club with great tradition. I'm sorry to see Stevie Cotterill lose his job."
McGovern told BBC Sport: "Nothing in football should surprise us… I think he's a little unlucky.
"Steve Cotterill did a reasonably good job coming in while there was a transfer embargo going on and eventually did do what he was asked to and keep the club in the Championship.
"New owners have taken over and they obviously have their own man in mind. As quickly as the decision has come regarding Cotterill they must also have had discussions with someone to take over, he's just very unlucky.
"Most of the top managers that are out of work - Harry Redknapp and Mick McCarthy - have been put in the frame.
"It will be a plum job as it is when a club is taken over if the new owners are going to put in some money because that makes the job a little easier."
Forest's new owners announced on Tuesday that they will hold a new conference at the City Ground on Saturday.
The club, who also revealed plans to name their academy the Nigel Doughty Youth Academy, have said they will not be making any further statements.
Keith Mather, chairman of the Nottingham Forest Supporters' Club, told BBC Sport: "It was a struggle at many times last season, and the guys who have come in with a massive investment want to see something come of that investment. It's one of those cases of a new brush sweeps clean."