Dean Saunders has been sacked by relegated Wolves, the League One club have confirmed.
A statement on the official club website revealed assistant manager Brian Carey will also be leaving Molineux.
The club added head of football development and recruitment, Kevin Thelwell, will front the process for former Wales striker Saunders’ replacement.
A club statement said: “Wolves would like to thank Dean and Brian for their efforts in what has been a very difficult period for everyone, and wish them both the very best for the future.
“The club will be making no further comment at this stage.”
Wolves became the first team to twice suffer back-to-back relegations from the top flight on Saturday when two goals from Kazenga LuaLua gave Brighton a 2-0 victory. It means the west Midlands outfit will return to the third tier for the first time since 1989.
Having been brought in by Wolves in January to become the club’s fourth manager in less than a year, Saunders had hoped to avoid the unwanted scenario of suffering his own second successive relegation having taken Doncaster Rovers down to League One a year ago.
When asked about his chances of staying in the job at the weekend, the 48-year-old replied: “You never know do you? With so much money at stake, managers are getting sacked every five minutes.
“But I will get my head down, work my hardest and try my best. That is all you can do. Sorting this club out will be tough but I have got to do it.”
Brighton are available to back at 9/4 in the Championship to be promoted market, with Leicester quoted 12/5, Watford priced 11/4 and Crystal Palace available to back at 7/2.
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Steve McClaren had an unhappy time at Forest.
The club can confirm that the search for a new manager will begin immediately.