Bristol Rovers lost 2-0 and Penney have managed to guide the club to just two wins in 13 games.
A statement on the club’s official website said: “We are all very disappointed and sad that the appointment of Dave Penney has not brought us the results and change of direction that we have been looking for.
“With 12 games left there is still a chance to get ourselves out of this situation and try and secure our League One status.
“We wish Stuart Campbell every success for the remainder of the season, and would call on all fans to back him, and the team, as he tries to rescue our season.”
