Shrewsbury have sacked manager Sam Ricketts following a run of just one win from their opening 13 matches in League One this season.
On Tuesday night, Shrewsbury threw away a 2-0 lead to draw 2-2 with Milton Keynes stretching their winless run to eight.
The club have dropped to 23rd in the table after five defeats and three draws since victory at AFC Wimbledon on October 17.
Ricketts, who had seven months left to run on his contract, leaves Montgomery Waters Meadow after nearly two years. He had won 28 out of 96 games in all competitions.
Shrewsbury are likely to appoint a caretaker manager for their second-round FA Cup tie with non-League Oxford City on Sunday.
A statement read: “Shrewsbury Town Football Club can confirm this morning that the club has parted company with manager Sam Ricketts and assistant manager Dean Whitehead.
“The club would like to place on record our thanks and acknowledge their hard work and dedication to STFC and the community and wish them all the best in the future.
“The search for a new manager will begin straight away and the club will aim to find the right candidate as soon as possible.
“The club will be making no further comment at this time.”