Chairman Adam Pearson said: “I have met with Billy Davies this morning and we have decided mutually in the best interests of both parties that to go our separate ways is the correct decision at this time.
“Billy Davies leaves Derby County with our best wishes and our genuine gratitude in achieving a magnificent promotion to the Premier League, where everyone connected with the club wanted to be.
“We wish Billy all the best for his future career and both parties will now move forward, which I am sure will lead to future success for Billy Davies and Derby County.”
