La Liga side Valencia have parted company with head coach Juan Antonio Pizzi, the club announced on Wednesday.
The 46-year-old took the reins at the Mestalla last December, replacing former incumbent Miroslav Djukic, who lasted just six months at the helm.
Under Pizzi's stewardship Valencia achieved an eighth-place finish in La Liga last season, and reached the semi-finals of the UEFA Europa League.
However, the Spanish club were taken over by Singaporean businessman Peter Lim in May, and the new board have opted to take a new direction.
"In order to be able to provide stability to the future sports project, the council of administration of Valencia CF analysed the possibilities in this complex and crucial moment," read a statement on the club's official website.
"Valencia CF wishes Pizzi and his coaching staff the best of luck. [They] have developed their work with professionalism."
Pizzi featured for Valencia as a striker during his playing days, but lasted just one season at the club.
Lim, owner of Meriton Holdings Ltd, was announced as the new majority shareholder following the Valencia CF Foundation's general meeting of trustees on May 17.
He is charged with bringing the good times back to a team that won La Liga twice in three seasons at the start of the last decade.
However, financial difficulties befell the club and the likes of David Villa, David Silva, Roberto Soldado and Juan Mata have all been sold.
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