Russell, who guided the club back to the SSE Airtricity Premier Division in style last season, left the club “by mutual consent”, a club statement said yesterday.
“The board and Martin had a meeting this morning. Following a discussion we mutually agreed to go our separate ways,” said Limerick chairman Pat O’Sullivan.
“The board and Martin subsequently met the players to inform them of Martin’s departure.
“All at Limerick FC wish to thank Martin for his tremendous contribution to the club’s development since joining in 2014, and we would like to express our sincere gratitude for his hard work and commitment throughout that time.
“His role in winning the First Division last year in such spectacular fashion, as well as reaching the final of the EA Sports Cup, will not be forgotten and secures his place in our club’s history. He will always be warmly welcomed back to the Markets Field.”
Limerick came flying out of the blocks this season with a 5-1 win over Sligo Rovers. Their form has been mixed since, with three defeats, one draw, and one victory.
“Following a meeting this morning, the club and I have mutually and amicably decided to part-company,” Russell said in his statement.
“I would like to place on record my sincere thanks to Pat O’Sullivan for the opportunity to have managed Limerick Football Club. I would like to wish everyone at the club the very best for the future.”