Derby County have parted company with Billy Davies, their manager, by mutual consent following a miserable three months in the Premier League.

Adam Pearson, the Derby chairman, made the annnouncement via a statement on the club website after holding a meeting with Davies this morning.

Davies refused to comment on whether he was surprised by a decision made only weeks since Pearson had promised his job was safe. "I would like to thank the staff, the players, the fans - who have been magnificent - and the board," he said.

"These players and staff have been a pleasure to work with. I've thoroughly enjoyed my time with Derby County. This is not the time to discuss any more. It's time to move on."

Kevin Thelwell, manager of Derby's Academy, has been appointed caretaker manager with Alan Fettis, the goalkeeper coach, and Darren Moore and Matt Oakley, two senior players, assisting him.

"We have decided mutually, in the interests of both parties, that to go our separate ways is the best decision at this time,” Pearson said. “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."

Davies won promotion via the play-offs in the summer after his first full season with the club but has since overseen just one victory in 14 games, leaving the club bottom of the Premier League.

He joined Derby in January of last year after quitting as manager of Preston North End and secured the club's Championship status in his first season.

Earlier this month Pearson said Davies was the right man to lead the club back into the Premier League if they were relegated. He changed his mind after continued poor form and barbed comments from Davies on Saturday in which he demanded an improved squad and said he had not met Pearson since he assumed control of the club in October. Pearson had been abroad seeking investment in the club.

“The problem is that we have to invest in the playing staff of this club," Davies said. "Hopefully I can see the chairman, who I’ve not seen in the last three weeks, and hopefully if there is any investment then it goes towards the playing staff.”

Pearson took over Derby in a £3.5 million buyout after successful spells as the chairman of Hull City and Leeds United's commercial director.