The German champions announced in an official statement on Sunday that Bayern Munich president Uli Hoeness, chairman Karl-Heinz Rummenigge, sporting director Hasan Salihamidzic, and Kovac have mutually agreed to bring down the curtain on further cooperation due to poor performances, reports Xinhua news agency.
Kovac took over from veteran coach Jupp Heynckes in July 2018 and clinched the German domestic double and the Supercup with the Bavar.
"We all regret this development. I would like to thank Niko Kovac on behalf of Bayern Munich for his work, especially winning the double last season," said Rummenigge.
Kovac earned a lot of criticism for his team's performance against lower league side Bochum in the German Cup, as the defending champions craved out a late 2-1 comeback win on Thomas Muller's winner. Things went from bad to worse in the league, as Frankfurt whitewashed ten-men Bayern 5-1. Hence, the defending champions slumped from the second to the fourth place of the Bundesliga standings.
"I think that this is the right decision for the club at the moment. The results and also the way we played led me to this decision. I wish the club and the team all the best," Kovac told the club's official homepage.
For the moment, assistant coach Hans Flick will take the helm and prepare the team for the upcoming UEFA Champions League's group stage encounter against Olympiacos on Wednesday and the Bundesliga clash with Borussia Dortmund on Saturday
"I expect now a positive development from our players and a high motivation to reach our season goals," said Salihamidzic.
( With inputs from IANS )