Arsenal has fired Unai Emery as manager and installed Freddie Ljunberg on an interim basis.
Emery replaced Arsene Wenger 18 months ago.
In a statement Josh Kroenke said: “Our most sincere thanks go to Unai and his colleagues who were unrelenting in their efforts to get the club back to competing at the level we all expect and demand. We wish Unai and his team nothing but future success.
“The decision has been taken due to results and performances not being at the level required. We have asked Freddie Ljungberg to take responsibility for the first team as interim head coach. We have full confidence in Freddie to take us forward. The search for a new head coach is under way and we will make a further announcement when that process is complete.”
Mikel Arteta, Massimiliano Allegri and Nuno Espírito Santo are considered potential replacements.