Ex-Wanderers forward Stephen Dobbie has been named interim manager at Blackpool for the remainder of the campaign.
The club confirmed this morning that Mick McCarthy and Terry Connor had both left the club by mutual consent.
McCarthy spent less than three months in the hot seat and managed just two wins in 14 matches in all competitions.
Friday’s 3-1 defeat against Cardiff left the Seasiders 23rd in the Championship table and seven points from safety heading into the business end of the campaign.
An official statement read: “Blackpool Football Club can confirm Mick McCarthy and assistant Terry Connor have both left the Club by mutual consent.
“With results on the pitch not improving in recent weeks, the decision has been agreed by both parties that a change is needed.
“The club would like to thank both Mick and Terry for their efforts and wish them well for the future.”
McCarthy added: "After recent performances and results, I have thought long and hard and feel this is the best decision for everyone concerned with the football club.
"I've loved my time here and thank everyone for their support. I wish everyone well going forward.”
Dobbie steps up from his position as a development coach and will now be assisted by Matt Blinkhorn and Steve Banks.
He made 25 appearances for Wanderers during the 2015/16 campaign, scoring four times in the league.
The forward also had spells at Swansea, Brighton and Crystal Palace among others during his playing career.
He returned to former club Blackpool in a coaching role last summer after announcing his decision to hang up his boots.
Blackpool are back in action on Monday afternoon when they head to Kenilworth Road to take on promotion hopefuls Luton.
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