Tuesday's 1-0 defeat to bottom-of-the-table Kilmarnock leaves the Edinburgh club ninth in the table on six points.
It was Hibs' sixth successive home loss, stretching back to last season.
Assistants Liam Craig and Craig Samson are also leaving Easter Road, with John Potter placed in charge for Saturday's home game with Aberdeen.
"Ultimately, this is a decision that we have not taken lightly, but unfortunately, one as a board we had to make due to the recent downturn of results and performances," said executive chairman, Ian Gordon.
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