New Boston chairman and owner Jon Sotnick has sacked manager Neil Thompson and chief executive Dave Pickett two days after taking control.
Sotnick named former Pilgrim players Jim Rodwell and Paul Raynor as caretaker-boss and first-team coach.
"Following my successful acquisition of Boston I spent Thursday meeting the key personnel across this proud football club," said Sotnick.
"It was agreed Neil Thompson would step down by mutual consent."
He added: "I'm sure all the supporters would join me in thanking Neil for all his
efforts over the current and last season.
"He has been well-liked and respected at the club and I wish him every success in the future.
"We have different visions for the club and mutually agreed that this was the
best way for Neil to go.
"On Thursday I appointed former player Jim Rodwell as caretaker-manager.
"He will hold this post until the new working board that I have assembled agree on
who should replace Neil and take the club forward."
Thompson became boss of the Pilgrims in July 2002 after Steve Evans was banned and fined by the FA for contract irregularities.
Thompson led Boston to 15th last season, their first in the League, despite a four-point deduction.
Now they are 19th in Division Three, four points above the drop zone.