The club have thanked him for all his efforts both as manager and player. He has been a great servant to Eastleigh Football Club in what has been a hugely successful period.
However, the ambitious Spitfires have started the new season in disappointing fashion and were beaten 4-2 at home by Dover Athletic on Tuesday night.
Todd said: “This is a disappointing time not only for myself but also my family. We are also a team and have been through much worse than losing my position as manager. We will bounce back again and look to the future with a positive attitude and a committed response to this set-back.
“I would like to thank all players and staff past and present. Your help in developing me in management has been beneficial more than you probably realise.
“To Spitfire fans many thanks. I hope you remember the good times we had. You to have been instrumental in my learning curve.
“Can I thank Stewart Donald for firstly giving me the opportunity and also backing me throughout my time as manager. I have relished my time in charge of this very ambitious club and the challenges it has brought.”
The club will now begin its search for his replacement and are hopeful of making an announcement by the weekend.