The former Cardiff City and Leyton Orient manager couldn’t turn the club’s season around.
He took over in August after Marc Richards departure following a slower than expected start to the new National League North season.
But Hereford have struggled and have won just once since October 1.
Chairman Andrew Graham said: “Unfortunately the existing business commitments of Russell Slade do not meet with the current demands of this Football Club.
“We appreciate that Russell inherited an extremely difficult situation, but we find ourselves in a tough position at this moment in time and we as a board need to act in the best interests of the club.
“I’d like to thank Russell for his hard work during his time at Edgar Street and wish him well for the future.”
He added: “This is a crucial time of the season and a huge game for us this weekend.
“I would urge fans to rally behind the players and turn out in their numbers this weekend.”
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