(CNN) -- Spanish club Villarreal will wait until the end of this season to appoint a permanent new manager after deciding to give reserve coach Juan Carlos Garrido the reins on a short-term basis.
The 40-year-old takes over from Ernesto Valverde, who was relieved of his duties following Sunday night's 2-0 home defeat by Osasuna.
Garrido has been appointed despite "The Yellow Submarine" being linked with former Getafe coach Michael Laudrup, with the team 10th in La Liga after last year's impressive fifth placing and having been knocked out of the Copa Del Rey by second division Celta Vigo.
Valverde, who moved to El Madrigal after Manuel Pellegrini joined Real Madrid in June, bid a sad farewell to his players on Monday.
"I've come to say goodbye to the team. It's a different and hard situation for me. The club decided that we wouldn't continue at the helm of Villarreal," he told reporters.
"I came with a lot of excitement because it was the team I wanted to train and it is true that things, from the beginning, did not happen as we all hoped.
"It's certain that we haven't played very well in the past two or three games and that the elimination from the Copa did us a lot of damage and also yesterday the team were bad, and I can only say that the only person responsible is me.
"I am the visible head of the team, the club made a decision and I have to accept it."
Meanwhile, struggling Real Valladolid sacked coach Jose Luis Mendilibar on Monday, making him the seventh managerial casualty of the Spanish top-flight season.
The 48-year-old had kept the club in La Liga for two seasons after a record-breaking promotion-winning campaign, but Sunday night's 1-1 draw with lowly Almeria left his team just one point above the relegation zone.
Reserve-team coach Onesimo Sanchez takes over a team who have won just three times in the last 31 league outings, with the announcement made as Valladolid unveiled new loan signing Asier del Horno.
The 29-year-old former Athletic Bilbao and Chelsea defender, a 10-time Spain international, could make his debut against his parent club Valencia on Saturday.