But McNally said the decision was taken with the club's supporters in mind.
"We felt we were left with no choice," he said. "Recent form and performances have been disappointing, We have lost four of the last six games and have lost seven away games consecutively.
"We had to do something to ensure we have the best possible chance of staying in this league. As a football club we are very supportive of our mangers, we give them time to get the job done and do things right.
"Clearly it is a results business and four points from the last six games, particularly against peer-group clubs, hasn't been good enough. We believe that with Neil in charge for the next five games we have got a greater chance of improving our position.
"If you read the reaction over the past 24 hours, the national media have said we are bonkers but a lot of Norwich supporters have been encouraging us to make this decision.
"We are only here for two things, we are here for the football club and for the supporters, we have to do everything we can as often as we can."