Leyton Orient manager Fabio Liverani has left the east London club by mutual consent following their relegation from League One.
The 39-year-old Italian, who was appointed in December, had two years remaining on his deal with Orient.
Liverani only won eight of his 27 games in charge of the O's.
"The club will now focus on rebuilding for next season in the hope that we can make a swift return to League One," said a club statement.
Liverani became Orient's fourth manager of the season when he replaced Mauro Milanese at the Matchroom Stadium in December.
|Leyton Orient managers 2014-15|
|Russell Slade (left Orient on 24 Sept 2014)|
|Kevin Nugent (interim, 24 Sept - 26 Oct)|
|Mauro Milanese (26 Oct - 8 Dec)|
|Fabio Liverani (8 Dec 2014 - 13 May 2015)|
The club were just above the bottom four when the former Italy international arrived, but Liverani could not keep the club in the third tier as the season ended with a seven-game winless streak.
Orient finished 23rd after a 2-2 draw at Swindon on the final day, dropping into League Two for the first time since 2006.
Liverani's assistants, Maurizio Cantarelli and Marcello Donatelli, will also leave the club.
"The club would like to thank Fabio, Maurizio and Marcello for their efforts this season and we wish them all the best for the future," the Orient statement added.
"We do not underestimate the challenge we will face in the coming season, but the players and staff will work together to achieve the success our loyal fans deserve."
Orient reached the League One play-off final last season but suffered a turbulent campaign after being taken over by Italian businessman Francesco Becchetti last summer.
Despite their season finishing with relegation on 3 May, Orient's players are still being asked to report for training.