Paul Baker says the club’s decision to part company with manager Mark Yates was the hardest of his 17 years as chairman.
Yates’ five year reign came to an end on Tuesday morning after a run of four straight League Two defeats, which left the Robins 18th in the League Two table.
“It was the most difficult decision I have had to make and the board has had to make in my time here,” Baker said.
“It’s a very sad day because Mark has done a huge amount for this football club and I would hate to think that people are going to think of his time here as the last 10 or 12 matches because his contribution to the club has been hugely significant.
“During his five years we’ve had some huge successes, but he also had to dig us out of a mess when he first arrived.
“That in itself, you could argue, was one of his best achievements. I have nothing but good words to say about Mark as a man and as someone who is passionate about this football club.
“That is why we originally brought him here because he understood the club and cared about it.
“Mark was understandably very upset and I was too. Everybody who knows him will have a lot of sadness with the decision we’ve had to take, but we have to look after the business and look at results and performances.
“Something is not quite right and the manager has to take responsibility. He will be parting company from today and we wish him well in his future.
“He is a hugely qualified manager and I am sure he will bounce back. I hope he will remain a close friend of the club and he will always be welcome to come and join us in the boardroom.
“We are a family and we regard Mark as part of that family, but the decision has been made and we look forward to a new era.”
An announcement on Cheltenham Town’s new manager will be made on Wednesday afternoon.