Rangers have sacked manager Pedro Caixinha.
The club's board met today after last night's 1-1 draw with Kilimarnock saw them slip to fourth in the Premiership.
The Portuguese won 14 of his 26 games in charge of the Ibrox outfit, having been appointed in March.
The beleaguered coach was told his time was up on Thursday afternoon after chairman Dave King called an emergency board meeting to discuss the side's alarming slide.
Caixinha was only in charge for 227 days but presided over several poor defeats in that time, including two of the club's worst ever results - last season's 5-1 home drubbing by Celtic and this term's humiliating Europa League exit at the hands of Luxembourg minnows Progres Niederkorn.
The final straw for the Rangers board came after Caixinha's side followed up Sunday's Betfred Cup semi-final exit to Motherwell with the draw against Kilmarnock.
Caixinha, who will be followed out the Ibrox exit by coaches Helder Baptista, Pedro Malta and Jose Belman, leaves with Rangers sitting seven points behind arch-rivals Celtic.
Under-20s boss Graeme Murty has been put in temporary charge for this weekend's trip to Hearts and Ibrox chiefs say they will consider all their options before appointing the club's 16th permanent boss.
A club statement read: "The priority is to appoint a new manager as quickly as possible.
"But the board will take as much time as is necessary to secure the right person capable of representing Rangers and providing the brand of football supporters rightly expect."
Caixinha was the surprise choice to replace Mark Warburton in March but the little-known former Santos Laguna and Al-Gharafa boss never looked cut out for the job.
He was certainly backed by the board having being handed around £10million to spend but many of his 11 summer recruits have flopped.
And the Ibrox board suggested this was chief among their reasons for parting company with the 46-year-old, claiming "results have not been commensurate with the level of investment made available".