Wolverhampton Wanderers have sacked boss Dean Saunders after the club's relegation to League One. Wolves are now looking for their fourth manager since sacking Mick McCarthy in February 2012.
A club statement said: "Manager Dean Saunders has been informed by Wolves that his contract is to be terminated. Assistant manager Brian Carey will also be leaving the club.
"Wolves have now begun a recruitment process, which in conjunction with the board will be managed by head of football development and recruitment Kevin Thelwell.
"The club will now take as long as is necessary to make this crucial appointment and there will be no publicly communicated timescales."
Wolves have become the first team since Swindon in 1995 to suffer back-to-back relegations from the top flight.
The statement continued: "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."