Liverpool's ownership said they had "come to the conclusion that change is necessary in order for the club to keep moving forward".
Liverpool FC head coach Arne Slot has left the club with immediate effect, the team announced on Saturday.
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The Dutchman, who helped Liverpool win its 20th league title last year, had endured a difficult second season in England as his star-studded side faltered before managing to claw their way into fifth place.
Big signings, including a record-breaking fee for Swedish striker Alexander Isak, had made Liverpool many people's favourites to retain the title. But an injury to Isak, a wider squad revamp and a major dip in form for talisman forward Mohamed Salah saw the team struggle to gel.
"That this was a difficult decision for us to make as a club goes without saying," Liverpool’s ownership said in a joint statement announcing Slot's departure.
"The contribution Arne has made to Liverpool FC in the time that he has been with us has been significant, meaningful and – most importantly of all to supporters and ourselves – successful," it continued.
But the owners said they had "come to the conclusion that change is necessary in order for the club to keep moving forward".
Slot first took charge of Liverpool's first team ahead of the 2024 season, replacing fan favourite Jürgen Klopp.
Salah, Liverpool's third all-time top scorer, has shared a rocky relationship with Slot this year and had earlier this month criticised the Dutchman's style, saying Liverpool must return to being a "heavy metal attacking team that opponents fear".
The Egyptian is also leaving the club this summer after a trophy-filled nine years.