Crystal Palace boss Trevor Francis has left the club by "mutual consent" after just 18 months in charge at Selhurst Park.
Steve Kember and Terry Bullivant will take over for the remainder of the season, with their first game against Rotherham on Saturday.
Palace currently occupy 11th spot in the First Division table - a position which is unacceptable to chairman Simon Jordan.
"I am totally committed to playing in the Premier League and I will ensure the new manager can achieve this aspiration," he told the club's website.
"I would like to thank Trevor for all his hard work and would like to wish him the very best for the future."
Jordan last month made it clear that he was unhappy with results this season.
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He said: "I'm not watching next year what I've had to watch this year. At times we've been a disgrace.
"I've asked the management staff to tell me who should go. They can see the players who are performing and those who are not and you will see in the summer - out they will go.
"The players will be told when it suits me. I care about them as much they care about me."
Jordan demanded a written blueprint from Francis and his assistants Bullivant and Kember outlining their strategy for winning promotion next season.
But he admitted to being unimpressed by the document.
"The report they produced wasn't really the mentality I wanted. I wanted a road map to the Premiership.
"But it is a work in progress. If they have a plan that is worth supporting I will support it. I'm looking for them to improve.
"But I expect us to get out of this miserable division next year. Given the £30m I've spent, mediocrity is not acceptable."