The club have acted swiftly after back-to-back defeats to their Edinburgh derby rivals with the Hampden loss following on from the previous weekend’s league defeat at Tynecastle which condemned Hibs to a place in the Scottish Premiership’s bottom six following a third-place finish last term.
Maloney was appointed on December 20 following the departure of Jack Ross but managed to win just six of his 19 matches in charge.
A club statement read: “Hibernian FC can confirm that Shaun Maloney has departed the club as First Team Manager.
“Gary Caldwell, Valerio Zuddas and Brian Doogan have also left with immediate effect.
"David Gray will take charge of the First Team as Caretaker Manager for the remainder of the 2021/22 campaign and will be supported by Eddie May and Jon Busch.
“No further comment will be made at this time.”
Hibs gave Maloney his first taste of management after the former Celtic and Scotland winger built his coaching credentials during a three-year stint working as Belgium assistant coach under Roberto Martinez.
Club chairman Ron Gordon added: “Our hope in appointing Shaun Maloney as a young, highly regarded coach was that he would help us take the club forward, but ultimately it didn't work out.
“We thank Shaun and his coaching staff for all their hard work and efforts and wish them all the best for the future.”