Pedro Caixinha has been dismissed as Rangers manager just seven months into his tenure at Ibrox following a poor recent run of results.
Rangers board met on Thursday morning to discuss Caixinha's future and the decision has been made to dismiss the Portuguese boss from his position.
Chairman Dave King was pictured outside Ibrox after the unscheduled board meeting. King was believed to be joined by Stewart Robertson, Andrew Dickson and Graeme Park at Rangers' home ground.
Rangers confirmed the news in a statement released on their official website and said the search for a new manager will begin immediately.
The Ibrox club also confirmed development squad coach Graeme Murty will act as caretaker boss in the interim. Rangers travel to Murrayfield to face Hearts on Saturday.
The club have acted swiftly after the latest in a string of disappointing results saw Rangers draw 1-1 against Kilmarnock on Wednesday night.
Rangers missed a penalty at 1-0 up before conceding a late equaliser, a draw which saw them slip to fourth place in the Scottish Premiership table.
FULL STATEMENT ON CAIXINHA
'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'.
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