The 59-year-old was appointed last November when St Johnstone were three points adrift of Livingston at the bottom of the table. Despite the challenging situation, he successfully guided them to safety.
However, this season the Saints have lost four of their five league games and are 10th in the Scottish Premiership, a point clear of Kilmarnock and two ahead of bottom-side Hearts.
A section of the travelling support chanted "Craig Levein, we want you to go" in the closing stages of last Saturday's 2-0 defeat at Hibernian, and they have now got their wish.
"The board of directors can announce that St Johnstone Football Club has today parted company with manager Craig Levein," read a statement from Saints on Tuesday afternoon.
Trending"The football club would like to place on record its thanks to Craig for all of his efforts during his time at McDiarmid Park. A further update will follow in due course."
St Johnstone's new owner Adam Webb will now be charged with appointing his first manager since taking control of the club from the long-serving Brown family over the summer.
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