Bayern Munich have parted ways with head coach Niko Kovac by mutual consent, the German club said in a statement on Sunday. The decision comes a day after the Bundesliga champions suffered a humiliating 1-5 defeat at the hands of Eintracht Frankfurt on Saturday.

Assistant coach Hansi Flick  will take charge of the side till further notice as they face Olympiacos  in Champions League on Wednesday before squaring off against rivals Borussia Dortmund on Saturday.

Kovac agreed with the decision saying it was ‘correct’ considering the recent results while thanking the club for the opportunity. “I think this is the correct decision for the club at this time,” Kovac said in a statement on the club’s official website. “The results and the way we’ve played lately have led me to this decision. My brother Robert and I would like to thank FC Bayern for these past 18 months. During that time our team won the Bundesliga, the DFB Cup and the Supercup. It was a good time. I wish the club and the team all the very best.”

Defending champions Bayern are currently fourth in the Bundesliga standings following a series of disappointing performances.

Chairman Karl-Heinz Rummenigge regretted the development while stating it was a decision taken after discussions the club president Uli Hoeness, sporting director Hasan Salihamidzic, Kovac and himself.

“The performances of our team in recent weeks and the results have shown us that there was a need for action. Uli Hoeneß, Hasan Salihamidzic and I had an open and serious discussion with Niko this Sunday based on that and came to the mutual decision that Niko is no longer head coach of FC Bayern. We all regret this development. I would like to thank Niko Kovac on behalf of FC Bayern for his work, particularly for last season’s double win,” Rummenigge said.