Peterborough have parted company with manager Keith Alexander following a run of six consecutive defeats in League Two.
Alexander left Lincoln to take over from Steve Bleasdale over the summer and began the season in encouraging fashion, with the club appearing well set for at least a place in the play-offs.
New chairman Darragh MacAnthony has backed Alexander in the transfer market with big-money buys in Josh Low, George Boyd and Micah Hyde.
But results have slipped dramatically and Saturday's 3-1 defeat by Darlington appears to have been the final straw.
Alexander's number two Tommy Taylor will take charge of first-team affairs in tomorrow night's FA Cup third-round replay at Plymouth.
A club statement claimed Peterborough and Alexander had ``mutually agreed to part company''.
The statement continued: 'The club would like to take this opportunity of thanking Keith for all his hard work both on and off the field.'
Irish businessman MacAnthony, 30, took over from previous chairman Barry Fry in October and immediately set out ambitious plans to be 'knocking on the Premiership door in five years'.
Club owner Fry stayed on as director of football with MacAnthony gradually buying the former Birmingham, Barnet and Posh manager out.
But after going through August unbeaten in all competitions, which included a Carling Cup win over Ipswich, Posh have now slipped to 10th despite spending £800,000 on new players.
Alexander originally signed a four-year deal at London Road, but his reign has lasted just just seven and a half months.