Stanley have thanked John Coleman and Jimmy Bell “for everything they have done” for the club in a new statement.
The Reds parted ways with the long-serving duo on Sunday morning following a 4-0 defeat at Wrexham.
Managing director David Burgess said: "The Accrington Stanley board of directors want to thank John Coleman and Jimmy Bell for everything they have done for Accrington Stanley Football Club.
"Without John and Jimmy, Accrington Stanley would not be an EFL club.
"From coming here in 1999 and leading Accrington Stanley back into the Football League after 44 years was a dream come true for everyone then associated with the club.
"Their commitment to the club throughout their two managerial stints was unquestionable and that, along with their successes, has made the club what it is today.
"With the probability of making the promotion play-offs rapidly diminishing, we decided to make the changes now so we had time between now and the end of the season to work on what we feel is needed in the future for the best of Accrington Stanley.
"We understand that some fans may not agree with us, but it is the board's job to make decisions to ensure that Accrington Stanley as a football club continues to develop moving forward.
“We wish John and Jimmy all the very best for the future."
The club has also confirmed that John Doolan, who has served as first-team coach since 2017, has been appointed interim manager.
55-year-old Doolan captained the Reds to the 1999/00 UniBond First Division title and has held roles at Wigan, Liverpool, Everton and Hibernian since hanging up his boots.
Goalkeeping coach Andy Dibble and head of sports science and performance Chris Scholes remain in their respective roles.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here