Exeter City has confirmed that manager Matt Taylor has left the club for Rotherham United.
Assistant Manager Wayne Carlisle has also left the Devon club and will be joining Mr Taylor at Rotherham.
Under-18s coach Kevin Nicholson and first team coach Jon Hill will be taking over the first team on a caretaker basis.
In a statement Exeter said: "The clubs have reached an agreement on a suitable compensation sum.
"The club board is beginning the recruitment process for a new manager. The position will be advertised externally."
Mr Taylor revealed that he had been offered the job by the Championship side after Exeter's 2-2 draw with Bristol Rovers on Saturday, but said he was going to decide over the weekend.
He had led Exeter to 2020 League Two play-off final where they lost to Northampton.
Promotion followed last year and he was awarded the League Two manager of the year award.
So far this season he's led Exeter to four wins and four losses out of 11 games in League One.
In a joint statement, President of Exeter City Football Club, Julian Tagg and Nick Hawker, chair of Exeter City Supporters’ Trust, said: “Everybody at Exeter City is disappointed to lose Matt.
"He has been a fantastic manager for the club and will of course be rightfully recognised for taking the team to League One for the first time in 10 years."