Chris Hignettt has had his contract terminated by mutual consent following a 1-0 defeat to Crawley on Saturday.
Hignett took over from Ronnie Moore in February last year but only won 14 of his 46 league games as manager.
He leaves the club 19th in League 2 and just 4 points off the relegation zone.
"He has given everything for the Club during his time in charge and he leaves with our very best wishes for the future.
Sam Collins will be placed as caretaker manager until a new manager is found.