Manager Paul Lambert has left relegated Stoke City four months after joining the club to replace Mark Hughes.
Stoke ended a decade in the Premier League with a 2-1 victory at Swansea on Sunday, but Lambert managed only two wins from his 15 games in charge.
"Whilst he was unable to guide us to safety, it certainly wasn't due to a lack of effort, professionalism and dedication," a Stoke statement said.
The Potters added that they plan to name a new boss "as soon as possible".
Last week, the club's owners said they would continue to give managers time "to prove themselves".
However, the departure of the ex-Aston Villa and Norwich boss leaves Stoke looking for a third manager in a year.
"The club would like to thank Paul for his work over the past four months and wish him well for the future," the club statement said.
"Paul would like to thank the board, players and staff for the opportunity and their support. He would also like to thank the fans for their unwavering support. Whilst looking forward to his next challenge, he would like to wish the club every success next season."
Stoke, who were relegated to the Championship courtesy of their home defeat by Crystal Palace on 5 May, collected 13 points under Lambert, who was given the task of trying to preserve the club's top-flight status after Hughes was sacked in January.
Hughes succeeded Tony Pulis at Stoke in May 2013 and guided them to three straight ninth-placed finishes before dropping to 13th in 2016-17.
The Welshman was dismissed by Stoke after five defeats in seven league games, and subsequently guided Southampton to safety.