The former Chelsea striker was dismissed in the wake of his side's 2-0 defeat to Peterborough United on Easter Monday, their ninth consecutive game without a win.
Northampton Town part company with Jimmy Floyd Hasselbaink: https://t.co/QxnTMDCLPl— Northampton Town (@ntfc) April 2, 2018
Hasselbaink replaced Justin Edinburgh on the Cobblers hotseat in September and guided the club away from the League One dropzone, but a dismal run form of has seen them slump to 22nd, two points adrift from safety with five games remaining.
"We are sorry to see Jimmy depart as he has worked very hard for us but felt a change at this point was in the best interests of the club," said Northampton chairman Kelvin Thomas in a statement posted on the club's official website.
"We thank Jimmy for his work as manager of Northampton Town and we wish him the very best for the future."