(CNN) -- Manchester United finally lost patience with manager David Moyes Tuesday after a disastrous first season in charge of the English Premier League champions.
"Manchester United announces that David Moyes has left the club," said the English Premier League team in a statement on the club's official Twitter feed.
"The club would like to place on record its thanks for the hard work, honesty and integrity he brought to the role."
Moyes succeeded Alex Ferguson last May but has overseen a lackluster campaign, with the club lying seventh in the table having amassed 57 points from 34 games.
United slipped to an 11th league defeat this season against the Scot's former club Everton at Goodison Park on Sunday -- a result that finally ended any mathematical chance of participating in next season's Champions League.
The three-time winner of the European club football's biggest prize is now 13 points behind fourth-placed Arsenal with four games remaining. The last time United failed to qualify was in 1995 and their chances of even playing in the Europa League next season are slim.
"The football and the results have been poor," former Manchester United defender Gary Neville told Sky Sports News. "The performances have got worse and worse."
Soon after Moyes' departure was confirmed, United appointed current player-coach Ryan Giggs as caretaker manager.
"Ryan Giggs, the club's most decorated player, will assume responsibility for the first team until a permanent appointment can be made," said United in a statement. "The club will make no further comment on this process until it is concluded."
Moyes, who turns 51 on Friday, signed a six-year-deal with English football's most successful club last May, when the outgoing Ferguson personally endorsed his appointment.
"David is a man of great integrity with a strong work ethic ... There is no question he has all the qualities we expect of a manager at this club," Ferguson said of his compatriot.
Ferguson also implored United fans to stand by Moyes when he addressed them following his last game in charge at Old Trafford last season, which ended with his 13th league title in a trophy-laden 27-year reign.
But United's owners, the American Glazer family, have clearly had second thoughts following a persistently stuttering campaign -- which has led to the club falling down football's rich list.
In January it was reported that United's share price had fallen 16% since Moyes took over, while Deloitte's annual football money table placed the Old Trafford team outside of the world's top three richest clubs for the first time in 17 years.
Moyes opened his account with a 2-0 win against Wigan in the FA Charity Shield match at Wembley in August and followed it with a convincing 4-1 win at Swansea in the opening game of the league season.
But pressure soon started piling up in September with league defeats against arch rivals Liverpool, Manchester City and, embarrassingly, West Bromwich Albion at Old Trafford -- the Midlands' club first win at the "Theater of Dreams" for 34 years.
United also endured embarrassing exits from both domestic knockout competitions, losing at home to Swansea in the third round of the FA Cup and going down on penalties against another struggling Premier League team -- Sunderland -- in the League Cup semifinals.
Hopes of Champions League glory were ended by Bayern Munich in the quarterfinals earlier this month, with the reigning European champion winning 4-2 on aggregate.
Netherlands Louis van Gaal has been installed as the favorite to succeed Moyes on a permanent basis by British bookmaker
Current player-coach Ryan Giggs and his former United team-mate Nicky Butt are reportedly set to be placed in caretaker charge for Saturday's home game with Norwich City.