Slade won his last four matches in charge of Yeovil
Russell Slade has left Yeovil after after two and a half years as manager.
Yeovil have enjoyed success on the pitch winning their last four games, but off it the relationship between Slade and the board had disintegrated.
Slade took the Glovers to the League One play-off final at the end of his first season in charge in 2007, but the club's fortunes have tailed off since.
It is unclear whether chairman John Fry sacked Slade or if the 48-year-old left as part of a mutual agreement.
Assistant boss Steve Thompson took training on Monday morning and will be in charge of the team for the trip to local rivals Bristol Rovers on Tuesday.
Thompson, who was manager of Yeovil before Slade arrived and has held the post on a caretaker basis on four previous occasions, admitted that his latest elevation to the top job had been "unexpected".
"All I will say is I've known Russell now for three years. He's a good man, a good friend and an excellent manager," the 46-year-old told BBC Somerset.
"I've been in similar situations before, we've all got jobs to do and we need to go out and do those jobs to the best of our ability."
Former Scarborough and Grimsby boss Slade was understood to be increasingly frustrated by the limited funds that were made available to him.
Despite issues with the club's hierarchy, Slade had overseen an upturn in Yeovil's recent results, with Saturday's 3-1 win at Peterborough helping the club climb eight points clear of the relegation zone.
Following that victory, when asked if he wanted to stay Slade responded "absolutely" but refused to elaborate on issues he had with the board.
However, it is now clear that problems with the chairman and directors were close to breaking point.
The run of four wins, which also saw Town see off Southend, Huddersfield and Leyton Orient with successive 1-0 victories, equalled Slade's best run of form at the club.
The last time Town won four on the trot came in September 2006, early in Slade's spell in the West Country.
That campaign ended with a trip to Wembley where Yeovil lost the play-off final to Blackpool after a memorable semi-final against Nottingham Forest when they over-turned a defeat in the home leg with a remarkable 5-2 victory at the City Ground to reach the final.
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