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Neil Lennon has left Bolton by mutual consent.
Lennon was appointment manager in October 2014 but his time at the club has been dominated by financial problems.
The club have won just four of their 37 Championship games this season and are currently 11 points from safety with nine matches remaining.
Lennon's departure comes just days after the Sports Shield consortium completed their takeover of the club.
"Bolton Wanderers can announce that the club have today, Tuesday 15 March, parted company with manager Neil Lennon by mutual consent," a statement from the club read.
"All at Bolton Wanderers would like to thank Neil for his contributions during his time at the club.
"Academy manager Jimmy Phillips will take charge of the first team on an interim basis."