According to the official website, the board had relectantly decieded to sack Mick.
Alan Knill and Mark Robins will take tempory charge of the team while Mick's successor is found.
Speaking to the clubs official website, director David Veal said: "We met with Mick tonight and informed him that we wished to relieve him of his managerial duties.
"This is a sad time for all concerned but we felt we had no other option to take. The board of directors will be consulting over the weekend regarding a replacement but for the time being the coaching staff will step up and take temporary charge.
"We would like to place on record our appreciation of Mick's efforts to turn around our playing fortunes and wish him well," added Mr Veal.