Lee Johnson has left Fleetwood with “immediate effect” following their 2-0 defeat against Wanderers on Friday night.
Dion Charles opened the scoring before substitute Victor Adeboyejo wrapped up the result seven minutes from time.
Johnson took charge in September following a spell with Hibernian in the Scottish Premiership. He was previously sacked by Sunderland following a 6-0 defeat against Bolton in January 2022.
An official statement read: “Fleetwood Town can confirm Lee Johnson has left the club with immediate effect.
”Assistant manager Darren Way and first team coach Phil Jevons will also depart. Everyone at the club would like to place on record our thanks to Lee, Darren and Phil for their hard work and professionalism during their time at the club.
“The club will issue a further update on the first team staff in due course.”
The Cod Army sit 23rd in the League One table, five points from safety, as they battle to beat the drop.
After the final whistle, Johnson said: "We knew the quality that Bolton have, it's a well-established side in the division and they are obviously up there.
“It has had time to build and it is a good club – an ex-Premier League club. But we felt, genuinely, at half-time that we had a good chance in this game.
"We had defended ever so well in treacherous conditions and the spirit was good. The blocking was good and the defending was good.
"We are not affecting boxes anywhere near enough, we know that and we have to because obviously wins are very important.
"We came out in the second-half believing the conditions were in our favour and you have got to give credit to Bolton. But in the end, we were masters of our own downfall again with individual errors.”
He continued: "A very simple set-up from a throw and they end up scoring. Then, obviously, the second one as well.
"Was I disappointed that we didn't threaten more? Yes, but unfortunately we have got 15 players unavailable for selection today and it is difficult for a club like us.”
Fleetwood are back in league action on New Year’s Day when they head to New Meadow to take on Shrewsbury.
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