An official statement was put on the club's website less than an hour after the team had drawn 0-0 with Bristol Rovers.
The statement read: "Blackpool Football Club announces that Alex Cowdy is to leave his position as chief executive.
"Cowdy, who was appointed to the role of CEO in June 2016, after initially joining as club secretary three months earlier, will vacate his role with immediate effect.
"The club would like to place on record its thanks to Alex for his service and dedication to the role in his time at Bloomfield Road."
The news comes as a shock as Cowdy was present at Blackpool's fixture today and was seen in the tunnel area post-match.
A spokesperson for the club said he was unaware of details at this stage. Cowdy has also been approached for comment by The Gazette.
An anonymous member of staff at the club said they were aware Cowdy was due to leave.
It comes just a week on from news that a round of redundancies are underway at Bloomfield Road as the Oystons desperately try and save cash to pay off Latvian millionaire Valeri Belokon.
It is unclear exactly how many people are likely to be affected, although it is understood one employee has already left while another is also set to depart.
It was previously thought that as many as nine members of staff were to be made redundant, although this has not been confirmed.
At least five people received letters last month asking them to attend meetings.
The Gazette understands the staff likely to be affected work in the ticket office and the club shop.
Crowds have plunged in recent years as boycotting fans launched their Not A Penny More campaign to starve the Oystons of cash.
Club staff have received minimal communication from the Oyston family on the matter, with Karl’s son Sam given the responsibility of sending out letters and meeting with staff.