Bournemouth manager Scott Parker was sacked by the newly promoted Premier League club Tuesday, three days after they were beaten 9-0 by Liverpool at Anfield.
The rout was Bournemouth's third defeat in a row in the league after being beaten 4-0 by Manchester City and 3-0 by Arsenal.
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"I would like to place on record my gratitude to Scott and his team for their efforts during their time with us," Maxim Demin, the club's owner, said in a statement.
"However, in order for us to keep progressing as a team and a club as a whole, it is unconditional that we are aligned in our strategy to run the club sustainably."
Bournemouth said the search for a new manager would begin immediately and that first team coach Gary O'Neil would take over in the interim.
Demin's comments appear to be a response to Parker's postmatch interview at Anfield after the Premier League record-equaling defeat.
Parker said that he was "not surprised" at the result and that he needed some new signings to strengthen his side, which had finished second in the second-tier Championship last season.
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"It doesn't surprise me," he said after Saturday's defeat. "This is currently where it is at this moment in time. The players need help. Today proved too big a challenge. The levels were far too big.
"We've got a decision to make as a club. There will be days like this. Time will tell. It's a huge disappointment, a real humbling experience.
"We have some days where hopefully we can get some help in and support and help the current team, who came up from the Championship."
Liverpool manager Jurgen Klopp, upon learning the news Tuesday, said the decision to sack Parker was "harsh."
"When I heard [the Scott Parker news] today I realised how important it is in this moment to have the right owners at the football club," Klopp said, speaking in a news conference ahead of their match against Newcastle on Wednesday.
"Some clubs are owned by countries but others have a structure like us and maybe Arsenal. Then three teams who came up, Nottingham are spending, Fulham are and I can't remember Bournemouth doing a lot, which is difficult for a coach. I felt for Scott.
"In the first four games they had Arsenal, City and Liverpool -- it's set up for a new manager if you have nervous owners."
Bournemouth appointed Parker last year after he left his role as Fulham manager, guiding his new side to Premier League promotion with a second-placed finish in the Championship.
They made an encouraging start to life back in the top-flight with a 2-0 win against Aston Villa, but Parker has now become the first Premier League manager to lose his job this season after three heavy defeats.