Charlton sack manager Powell
Former England and Charlton player Chris Powell controls a ball while playing with children at the Football for Hope Centre, in Khayelitsha, near from Cape Town on June 19, 2010 - by Rodger Bosch
Charlton are currently bottom of the Championship, albeit with at least three games in hand on all of the teams immediately above them, and were knocked out of the FA Cup by third-tier Sheffield United on Sunday.
"I would like to thank Chris for his commitment and hard work over the past three years. The club enjoyed a number of good times under his leadership," said Charlton owner Roland Duchatelet.
"However, given the club's position in the league and the number of important fixtures upcoming, I felt this difficult decision was unavoidable at this time."
Belgian businessman Duchatelet, who acquired the club in January, is reportedly set to appoint his compatriot Jose Riga as the successor to Powell, whose contract was due to expire at the end of the season.
A former Charlton player, Powell took over at The Valley in January 2011 and led the club to the League One title in his first season before orchestrating a ninth-place finish in the Championship last term.