But, in a club statement, The Gordon Family said: “As a board, this was not a decision we made lightly but felt it a necessary one to move the team forward.
“Although Nick and his coaching team worked tirelessly, their efforts didn’t deliver the results we had hoped for.”
Assistant head coach Sergio Raimundo and goalkeeping coach Miguel Miranda have also left Hibs with immediate effect.
Former captain David Gray steps in for a fourth spell as caretaker manager for the remaining two games of the season, with Motherwell visiting on Wednesday and a visit to bottom side Livingston on Sunday.
Hibs say they will be making “no further comment” at this time.
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