Kilmarnock have parted company with manager Kenny Shiels, the club announced on Tuesday.
The Scottish Premier League side cited "footballing and regulatory" reasons for the decision to terminate the 57-year-old's contract with immediate effect by mutual agreement.
Kilmarnock endured their worst home form in 30 years last season and their League Cup defence ended in humiliation as they lost to Stenhousemuir in the first round.
Shiels has also found himself in hot water this season, with the latest controversy seeing the Scottish Football Association hand him a four-match touchline ban for bringing the game into disrepute for questioning the impartiality of the organisation's judicial panel, as well as the integrity of champions Celtic.
Shiels joined in June 2010 as assistant to Mixu Paatelainen before being appointed as the Finn's successor 12 months later.
He etched his name into Kilmarnock folklore in March 2012 after masterminding the club's first League Cup triumph with a 1-0 win over Celtic in the final at Hampden Park.
"The club thanks Kenny for his service over the last three years, firstly as assistant to Mixu Paatelainen, thereafter as interim manager and subsequently as manager," a club statement read.
"Kenny's work ethic and his determination to introduce young players into the first team were evident throughout his time with the club.
"Unfortunately season 2012-13 saw the club exit the League Cup at the first hurdle and go on to record our poorest home record since season 1980-81, culminating in seven matches without a victory at Rugby Park to exit the Scottish Cup and miss out on the 'top six' and then drop to ninth place with five defeats in our final six SPL fixtures.
"A difficult relationship with the Scottish FA resulted in several touch-line bans and recent comments regarding a fellow SPL club and the Scottish FA Judicial Panel incurred a further suspension which would have seen Kenny commence next season in the stand, rather than the dug-out.
"As a result, the club was also prosecuted by the Judicial Panel's Compliance Officer at a hearing on June 6 and will discover the penalty to be imposed on 21st June."
"For these reasons, both footballing and regulatory, it was mutually agreed that his contract as manager should end.
"The club wishes Kenny every success in the future and thanks him for delivering the League Cup to Rugby Park in 2012."