David Moyes falls on his sword at Sunderland after Premier League relegation
Former Everton and Manchester United boss Moyes resigned on Monday following his side's relegation from the Premier League.
Moyes held the position for less than a year but oversaw a dismal campaign in which the Black Cats finished bottom with just six wins from 38 games and 16 points adrift of safety.
The Scot, 54, made the decision to leave following a meeting with chairman Ellis Short and chief executive Martin Bain and opted to do so without a pay-off.
A statement from Short read: "I pursued the services of David Moyes for a considerable period prior to his appointment last summer, which makes the announcement of his departure difficult for everyone concerned.
"Having worked tirelessly throughout the campaign to avoid relegation from the Premier League, David has chosen to leave the club without compensation, which is testament to his character.
"In the days ahead we will take some time for reflection, and then focus on recruitment and pre-season as we prepare for our Championship campaign. We wish David well in the future."
Moyes built his reputation during an 11-year tenure at Everton but failed spells at United and Real Sociedad left him needing to revive his career.
He took over from Sam Allardyce at the Stadium of Light in the hope of building on last season's escape from relegation but the team regressed badly.
Their demotion to the Championship was confirmed five games before the end of the season.
There was also controversy during his time at the club and he was charged by the Football Association after telling BBC reporter Vicki Sparks that she might "get a slap" over her line of questioning during interviews.
After his impressively long stint at Everton, Moyes has now left four jobs in as many years.
Moyes said: "I would like to thank Ellis Short and the board for giving me the opportunity to manage Sunderland and the fans for always being so passionately supportive of their club.
"I wish the players and my successor well in their efforts towards promotion back to the Premier League."
Moyes attended the League Managers' Association awards night on Monday evening but did not stop to speak to waiting reporters.
His predecessor Allardyce feels Moyes has nothing to be ashamed of but should think carefully about his next move.
Allardyce told Sky Sports News: "I am surprised. For David it is disappointing, I am sure.
"Today moving away from one football club is no disgrace any more, it happens so often. Whether you deserve it or don't, it just happens.
"But then you move to the next job and look at the resources. If you think you can get some success take the job, if you can't don't bother going back in because it's too difficult."
Former England manager Roy Hodgson expects Moyes to return soon enough.
Hodgson said: "David is an excellent manager. Unforunately sometimes when you take on difficult jobs like Sunderland the jobs are perhaps stacked against you.
"I'm very sad for him and very sad for the club but David will certainly bounce back because managers and coaches of his quality do not grow on trees."
Asked if he would be interested in the Sunderland job himself, Hodgson said: "I'm not after a job but at the same time I am not looking to turn down jobs.
"If one day someone comes to me and says, 'We would like you to take on this job' and I like the idea then I would be more than happy to do it."
Moyes could be followed out of the club by striker Jermain Defoe, with reports claiming the England international is in talks with Bournemouth.
The 34-year-old's form was one of the few positives of the club's campaign. The former West Ham, Tottenham and Portsmouth forward scored 15 goals for Moyes' struggling side and earned a recall to the England side after a three-year absence.