Rangers have sacked manager Pedro Caixinha after seven months at the helm.
The club hierarchy called a board meeting following their 1-1 home draw with Kilmarnock on Wednesday evening.
At the meeting, the board decided to remove their manager. The club announced that development squad coach Graeme Murty will take interim charge of the first team in the wake of Caixinha's departure.
The club released a statement on Tuesday, saying that disappointing results had forced their hand.
"Rangers Football Club announce today that Pedro Caixinha has left the Club.
"The decision to part company with Pedro was taken after careful consideration and the search for a new manager will begin immediately.
"Pedro was appointed in March this year but results have been disappointing and not commensurate with the level of investment that was made available.
"Graeme Murty, head development squad coach, will take charge of the first-team in the interim, just as he did earlier this year.
"The priority is to appoint a new manager as quickly as possible, but the Board will take as much time as is necessary to secure the right person capable of representing Rangers and providing the brand of football supporters rightly expect.
"We, the Board, appreciate this is a difficult time for all Rangers supporters and we thank you for your patience and know Graeme and the players will receive your full backing in the days ahead.
"We thank Pedro and his backroom staff for their efforts and commitment and wish them well for the future."
The 46 year old Caixinha was originally hired by Rangers on a three-year deal in March 2017.
In total he presided over just 27 games, managing only 14 wins.
While there was the odd high point - like April's 3-0 win over Aberdeen at Pittodrie - they were outnumbered by a series of nightmare results as he failed at any point to record three successive wins.
Their 5-1 loss to rivals Celtic in the final Old Firm clash of last season was the club's worst ever derby performance at Ibrox while Caixinha also presided over Gers' first home defeat to Aberdeen in a quarter of a century with May's 2-1 defeat.
Rangers currently lie in fourth spot in the Scottish Premiership, behind both Motherwell and Aberdeen, and eight points adrift of league leaders Celtic.
