Ipswich have parted company with manager Joe Royle by mutual consent.
The club were among the pre-season favourites for promotion to the Premiership but finished a disappointing 15th in the Championship.
Chairman David Sheepshanks said: 'Joe and I have met today and agreed that this is the right moment to go our separate ways. The parting is entirely amicable.
'I would like to place on record our warm appreciation and thanks for the tremendous job that Joe Royle has done at Ipswich during his tenure, managing the club initially through turbulent times and building a side that reached the play-offs in two out of the last three seasons.'
Royle, who took over in October 2002, added: 'I would like to thank everyone involved at Ipswich - the fantastic staff and the players for their support and for giving their best at all times.
'As the chairman said, we part extremely amicably and I wish the club, its staff and the supporters nothing but the very best for the future.'