Ex-Portsmouth and Newcastle coach Bond joined Bournemouth in 2006
Bournemouth have sacked Kevin Bond after 22 months at the helm.
The Cherries have gained just two points from their first games as they look to overhaul a 17-point deduction.
Chief executive Alastair Saverimutto told BBC Solent: "We have had faith with Kevin and his team and gave him full support from day one.
"But unfortunately it would appear that the results and performances have been lacking and it was a decision that was made with due care and consideration."
He continued: "These decisions have to be made at the right time. It was very simple and I said to Kevin and his team that the decision I was faced was whether it was done now or to give it another four games.
"In the board's opinion, four games may have been too late so it was a critical decision that had to be made [on Monday] and the decision was made to relieve Kevin and his team of his duties."
We find ourselves as new owners with a new season and a huge deficit to claw back, minus 17 points. It's quite a significant penalty
Chief executive Alastair Saverimutto
The 17-point punishment was in place after the club, which was relegated from league One last season, broke Football League administration rules.
BBC Radio Solent understands Jimmy Quinn is the favourite to replace Bond.
Quinn, a fans' favourite at Dean Court after a successful spell as a striker, is being tipped to bring in former Cherries defender Jason Tindall as his assistant.
Bond was under pressure to make a decent start after his side were relegated from League One last season, but defeats to Port Vale and Exeter have resulted in new club owners Paul Baker and Saverimutto dismissing the 51-year-old.
Assistants Rob Newman and Eddie Howe have also left the club after the trio were called into an emergency board meeting on Monday.
Bond joined the club in October 2006 having been assistant manager at both Portsmouth and Newcastle.
Bond was returning to a club where he spent four years as a player but his second season in charge saw the club relegated to League Two, largely thanks to a 10-point deduction imposed on the club after they entered administration.
Bond was forced to work on a shoe-string budget, often selling the club's best assets such as strike duo James Hayter and Sam Vokes.
And the 17-point deduction - after the Football League ruled the club had been unable to agree a Company Voluntary Arrangement in order to exit administration - ensured the 2008 season was always going to be a struggle.
Marketing group Sport-6 took control of the club in July.
Saverimutto said: "We find ourselves as new owners with a new season and a huge deficit to claw back, minus 17 points. It's quite a significant penalty."
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