Richard Money has left Cambridge United after three years in charge at the Abbey Stadium.The U's have won only five Sky Bet League 2 matches this term and sit 18th in the table after a weekend loss to Bristol Rovers.
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Money, 60, led the club back to The Football League in 2014 and won the FA Trophy at Wembley in the same season.
A statement on the club website said: “The club has taken this difficult decision due to the disappointing pattern of results over the last nine months and because the current squad is not showing consistent signs of achieving it's potential.
“We want to place on record our sincere thanks to Richard, who has been instrumental in the club's progress over the last three years.”
Assistant manager Joe Dunne has been placed in charge until a new boss is found, with an FA Cup tie against Basingstoke next up for the U's.