Frank Lampard has been relieved of his managerial duties after just under a year in charge, with the club rotting in 19th place and struggling to keep their heads above water.
The ex-Chelsea midfielder was sacked following Everton's 2-0 defeat at the hands of fellow strugglers West Ham on Saturday - their eighth loss in nine games.
The defeat leaves Everton joint-bottom of the league alongside Southampton, above them on goal difference.
The club statement read:
"Everyone at Everton would like to thank Frank and his coaching staff for their service during what has been a challenging 12 months.
"Frank and his team's commitment and dedication have been exemplary throughout their time at the club, but recent results and the current league position meant this difficult decision had to be taken. We wish Frank and his backroom team well for their future in the game.
"The club has started the process to secure a new manager and will provide updates on the appointment in due course.
The Toffees have recorded a measly three wins in 20 games this season, yet to pick up three points since the 22nd October.
Since the World Cup, the Merseyside outfit have taken one point from a possible 15, getting dumped out of the FA Cup in the process.
After scraping a 1-1 draw against Manchester City at the Etihad, the Toffees self-destructed at home to Brighton in a dismal 4-1 humbling, three days later they crashed out of the FA Cup to Manchester United.
A week later, they collapsed at home to Southampton, blowing a one-goal advantage, leaving James Ward-Prowse to snatch the precious points.
A brace from Jarrod Bowen on Saturday proved to be the final nail in the coffin as Lampard's position was deemed untenable.
Passionate protests from the fans against the board has added to an already miserable atmosphere around the club. The supporters staged a sit-in protest after the loss to Southampton, loudly voicing their discontent.
Directors of the Everton board were advised not to attend the game due to a 'real and credible threat to their safety', and 'enhanced safety procedures' would be put in place. It was sensationally claimed that chief executive Denise Barrett-Baxendale was put in a headlock after the Brighton defeat, according to club insiders.
Yerry Mina and Anthony Gordon were two of the players who were confronted by furious Everton fans after the defeat to Southampton.
Owner Farhad Moshiri attended his first game in over a year at West Ham on Saturday. When asked if Lampard's time was up , Moshiri told Sky Sports: "It's not my decision" , leaving Everton fans baffled amid ever-growing instability within the club.
Chairman Bill Kenwright also stated: "We've got to start winning haven't we? It's a bad time."
"Everton are the worst run club in the country" according to Jamie Carragher.
The 44-year-old departs the club as statistically Everton's worst ever manager behind Mike Walker in 1994, who had a win percentage of 17%.
Lampard won 12 of his 44 games in charge, losing 24 - a win percentage of 27.2%.
To put that record into perspective, Gary Neville's was 35.7% at Valencia, and Steven Gerrard's was 32.5% at Aston Villa.
Lampard joined the club in January 2022 after being previously sacked by Chelsea a year prior, replacing the deeply-unpopular Rafa Benitez. Lampard quickly became popular with the fans, steering Everton to safety after dramatic victories over Chelsea, Man United, and Crystal Palace.
The most memorable game of his tenure was the miraculous comeback against Palace which guaranteed survival - the Blues fought back from 2-0 down to win 3-2, the night ending with Lampard leading the chant of 'spirit of the blues' from on top of the directors box, in an explosion of euphoria and relief that Everton would not be demoted to the second-tier.
Lampard's dismissal means that the club has sacked six managers in seven years - no manager has completed two full seasons since 2016.
Whoever is to replace him knows that they have a mountain to climb - a short-term fix will stop the bleeding for now, but in the long-term a major re-shuffle of the hierarchy is paramount to ensure that the club remains in the top-tier of English football.