Mick McCarthy has been sacked as manager of Wolves after Sunday's 5-1 defeat by West Brom left them 18th in the Premier League table.
Club owner Steve Morgan has ended McCarthy's five-and-a-half-year reign, with Sunday's battering by the Baggies the final straw.
Some fans vented their anger towards the directors box during the game and a couple of hundred demonstrated outside the ground long after the final whistle.
Wolves released a statement which read: "Wolves have today announced that manager, Mick McCarthy, has left the club with immediate effect.
"The Board took the difficult decision to terminate Mick's contract after a run of form which has seen Wolves pick up only 14 points in the last 22 League games, after a promising start to the season, culminating in yesterday's 5-1 defeat at home to West Bromwich Albion.
"Terry Connor will take charge of team training in the interim until a new manager is appointed.
"The Board would like to place on record their sincere thanks and appreciation to Mick McCarthy and he leaves with the very best wishes of everyone connected to the club."
Morgan, who is away on a half-term ski-ing holiday, has stayed supportive towards McCarthy during a difficult season but has decided a change is needed with 13 games to go.
It is a brave move at this juncture but at least Morgan has a fortnight to find a replacement with Wolves not in FA Cup action this weekend.
Wolves began the current campaign with seven points from the opening three games but since then there has been a gradual slide.
Fans anger towards McCarthy boiled over when Wolves trailed 2-0 at home to Swansea in October although they recovered to draw the game 2-2.
There has been a simmering undercurrent of anger despite Wolves managing to stay out of the bottom three until the home setback by Aston Villa in mid January.
The win at QPR 10 days ago ended a run of 11 games without a win in all competitions.
But it was only a temporary reprieve before Wolves were put to the sword by West Brom and suffered a fourth successive home setback to seal McCarthy's fate.
McCarthy took charge of Wolves during the summer of 2006 and promised promotion to the top flight within three years which he delivered.
Wolves missed out via the play-offs the following season, finished seventh 12 months later but went up as winners of the Championship in 2008-2009.
Their first campaign back in the Premier League saw Wolves finish 15th and they ensured safety with two games to spare.
But Wolves only clung onto their place amongst the elite at the end of last season thanks to Stephen Hunt's goal against Blackburn with three minutes to go on the final day.
what do you think?
John Woodward
Get Simon Grayson, Leeds were wrong to sack him after the good job he did on a limited budget and he will probably have to do the same at Wolves.
DazzaMac71
I would completely agree.. IF Simon Grayson had tactical nouse.. unfortunately that was a major downfall for him at Leeds .. even i know you dont replace a striker for a midfielder when your losing 2-0 at home...
Gordon Wright
The odd thing is, Mick McCarthy was once in the running for the Leeds job and I can see him ending up there this time following Grayson's departure. He would however, be making a huge mistake going to Leeds since he would be even worse off than he was at Wolves...
paddyj
He is an ok manager, not premier league standard, will probably do well back in the championship though.
Sandy Mitchell
championship teams on red alert mick will take you up has done it with two teams. We (wolves) will meet you on way down. After two failed england managers at wolves perhaps jez could make it three in a row with capello.
Gerald Mcloughlin
i'm an Evertonian who supports my Irish neighbour,MICK is not to blame,the players are,unfortunately chairmen never sack PLAYERS,who are the real culprits.
Adam Seal
That's not true - take Sunderland for example. They played poorly with Steve Bruce, but when O'Neil took over they started playing much better.
Gordon Wright
Whatever you do Mick, don't even think about applying for the Leeds job. The Owners and the Board have absolutely no ambition and will simply use you to take the blame for every poor performance while selling your best players and refusing money to bring in new ones. This is what happened to the last Manager.
Alan Pollard
It's not unexpected news. However, he was a good manager, but what more could he do with a small squad, and presumably, a small purse string. I think that if one looks back on his time with the club, his worth was shown when he took them into the Premier League. I really don't like the way managers are sacked after a few poor results in a season, but it is the way all clubs operate today.
Michael Jordan
Did you hear what Mick said, he is sure that for the first time in management, he has apoligsed for his team's performance. Who wants to take on this challange, best defined as not attractive to someone already in a job.
Dorrien Phillips
For the life of me I cannot understand how these clubs think they can be better off bringing in a manager who himself was sacked for poor results....Mick McCarthy would surely be the better bet in getting Wolves out of this predicament knowing the players etc, than bringing in another manager who themselves were sacked for poor results with clubs in similar situations,
John Hudson
11:53am on 13/2/2012
I feel sorry for Mick, he's an honest manager who always tells it like it is. But it's got to be near impossible to survive a 5-1 hammering at home to local rivals. Not sure who Wolves will find who will do a better job though...