Terry McPhillips has this evening stepped down as manager of Blackpool Football Club.
The 50-year-old, who led the club to a 10th place finish in League One last season - his first job in management - informed the board of his decision on Tuesday.
The Gazette understands the club are expecting to make a swift appointment.
“While discussing the option of a new contract, I’ve had plenty of time to reflect on things and feel that the time is now right for me to step aside," McPhillips said.
“I never really had any intention of becoming a manager, yet I stepped up in difficult circumstances last season because the club needed some stability.
“That stability has now been achieved and an exciting future awaits under Simon’s ownership.
“It’s been an honour to manage Blackpool in the short-term, and I will forever cherish the fact that I was in charge of the team when all the fans returned for the homecoming match against Southend United.
“I would like to thank the players and coaching staff for all their efforts and wish everybody connected with the club the very best of luck for the future.”
McPhillips, a former assistant at Bloomfield Road, took charge of Pool on a permanent basis back in September following Gary Bowyer's surprise departure just one game into the new season.
He one 21 of his 56 games and departs with a 37.5 per cent win percentage.
Owner Simon Sadler added: “Terry has been very gracious in his discussions with the board and we wish him well in his future endeavours.
"He did a very good job in guiding the club to a top-half finish last season after quickly going from assistant to manager. We’re all appreciative of his efforts.”