Monaco have sacked head coach Thierry Henry and rehired Leonardo Jardim on a two-and-a-half-year contract.
Henry was suspended by Monaco on Thursday with the club second bottom in Ligue 1, having taken just 15 points from 21 games this season.
The former Arsenal striker has now parted ways with the club with his predecessor Jardim replacing him at the Stade Louis II.
Jardim was himself sacked by Monaco in October after a poor start to the campaign.
Monaco vice-president Vadim Vasilyev explained the decision to rehire Jardim as Henry’s replacement.
“Our club is going through a very challenging period. I am ready to admit that I personally bear the responsibility for this,” said Vasilyev.
“We have to acknowledge that during the summer transfer window, we sold too many key players and, despite considerable investments, mistakes were made with respect to their replacement.
“This did not allow us to create a new, competitive team. The decision to dismiss Leonardo Jardim was also premature.
“Leonardo Jardim’s time at AS Monaco, as I said when he departed, would be remembered as one of the brightest chapters in the club’s history.
“Today we realise that the story of Leonardo Jardim at the club did not end as it was meant to. Leonardo should have been given an opportunity to continue his job.
“Thierry Henry is a football legend but due to a very unfavourable mix of circumstances, including, above all, numerous injuries to our players, hampered him from quickly and effectively leading the team out of the crisis.
“I want to express my gratitude to Thierry Henry for accepting this challenge and trying to lead the team of his former club during such a difficult period.
“He would have probably needed more time to implement his plans. From our perspective, unfortunately, we do not have this time. We need to act without delay.
“Therefore, we have made a decision to end our partnership with Thierry Henry.”
Henry failed to win a league home game during his time as head coach but the former France international says he “thoroughly enjoyed” his spell in charge of the club.
He said: “It is with great sadness that I part company with AS Monaco. Despite the struggles and difficulties that we encountered along my short journey, I have still thoroughly enjoyed my time at this wonderful club.
“My ambition and philosophy from the day I joined will always be that the club comes first.
“I strongly believe in this squad of players and that the team with all the recent new signings is now in a better shape to tackle the second part of the season and to go on a winning run and fulfil its full potential.
“I would particularly like to thank Vadim Vasilyev and Michael Emenalo who afforded me this opportunity at my boyhood club and of course the fans and staff who have given me such a warm reception during my tenure.
“I sincerely hope that my successor will now take AS Monaco onto greater strengths and I wish them all the success for the future starting with a win in Dijon and then lifting the Cup and getting us back into Europe.”
Assistant-coach Franck Passi will take charge of the team for Saturday’s trip to Dijon, with Jardim returning as head coach for the Coupe de la Ligue semi-final against Guingamp on January 29.
