Bournemouth manager Scott Parker was sacked by the newly-promoted Premier League club on Tuesday, three days after they were beaten 9-0 by Liverpool at Anfield for their third successive defeat.
"I would like to place on record my gratitude to Scott and his team for their efforts during their time with us," the club's owner Maxim Demin said in statement.
"However, in order for us to keep progressing as a team and a club as a whole, it is unconditional that we are aligned in our strategy to run the club sustainably."
The club said the search for a new manager would begin immediately and that first team coach Gary O'Neil would take over in the interim.
