MONTROSE manager Steven Tweed resigned from his role on Saturday following the Gable Endies 2-1 defeat to Annan Athletic.
Tweed cited increased work commitments as his main reason following taking on a new position at the Royal Bank of Scotland.
He is also keen to spend more time with his young family.
Assistant manager Ray Farningham will now take over as the Gable Endies look to improve their position in the Third Division.
He informed the players of his decision after the match on Saturday, but he has not yet decided whether he will also quit playing altogether.
He said: “My two years have been a bit of a roller-coaster, but I am leaving the club in a stronger position off the field with a substantially reduced debt.
“I’ve tried to combine everything but it has simply not been possible.
“Now seems the best time to do it as it leaves the club plenty of time.”
Montrose chairman Derek Sim said: “It is with regret Steven Tweed has decided to step down as player/manager of Montrose Football Club, with immediate effect, due to business and family commitments.
“Steven was recently appointed to a managerial position within The Royal Bank of Scotland and as part of his business commitments he will be spending periods of time away from home and therefore, at times, unable to be available for midweek training.
“With a young family Steven wishes to spend more time with his wife and sons, believing it the right time to stand down and allowing the club a sufficient period to appoint a new manager prior to the end of the season.
“Whilst the league position during his tenure has been disappointing, the club enjoyed two excellent Scottish Cup runs which brought much needed revenue to the club.
“In the meantime Ray Farningham, assistant manager and Stuart Garden, goalkeeping coach, have been asked to take responsibility for training, coaching and selection of the team for upcoming games.
“As Chairman I have enjoyed an excellent working relationship with Steven and it is to his great credit he has managed a considerably reduced player budget, whilst also bringing to the club a strong coaching and fitness regime.
“Steven leaves Montrose Football Club with the very best wishes of the board.”
Ray Farningham said that although he is disappointed that Tweed has made the decision to leave he is looking forward to taking over as manager in the meantime.
He said: “I’m disappointed with the decision but he had to do it because of work commitments. The board asked me to take over and I said yes. I’m looking forward to it.
“Now we’re looking at the game against East Stirlingshire this week with no new injuries, although Alan Campbell will be missing after getting sent off on Saturday.”