Mick McCarthy has been sacked as manager of Wolves after five-and-a-half years in charge at Molineux.
Club owner Steve Morgan has ended McCarthy's reign with Sunday's 5-1 home defeat to West Brom 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 skiing 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.