Rangers have sacked Giovanni van Bronckhorst after a year in charge, with the club nine points behind league leaders Celtic.
The Dutchman won the Scottish Cup for Rangers last season, as well as reaching the Europa League final, which they lost to Frankfurt in penalties.
He led Rangers into the Champions League group stage this season, losing all six group-stage matches, including a 7-1 battering by Liverpool at home.
A club statement read: “RANGERS Football Club confirms today it has parted company with manager Giovanni van Bronckhorst.
“The board would like to put on record sincere thanks to Gio for all his efforts since his appointment as manager.
“Arriving at the club just over a year ago, Gio led the club to a fifth European final and won the Scottish Cup last May.
“He also led the team to the club’s first Champions League qualification in 12 years.
“Unfortunately, results and performances over recent months haven’t met expectations and the decision was made today by the board to terminate the contract of the manager.”
Rangers said that a search for a new manager is now “underway”, with their return to league action on December 15.
Rangers CEO Douglas Park added: “I want to thank Gio for the hard work he has put in over the last 12 months and, especially, the achievements of taking the club to the Europa League final and winning the Scottish Cup last season.
“Unfortunately, recent results have not met neither our nor Gio’s expectations, and we have taken this difficult decision today. Everyone at Rangers wishes Gio every success in the future.”
Van Bronckhorst joined the Ibrox club last November, replacing Steven Gerrard who left for Aston Villa.
He departs the club after managing 68 games, winning 42 matches with 15 defeats and 11 draws.