The Ayrshire club’s board have agreed to early termination of the 44-year-old’s contract, who previously managed Huddersfield, Birmingham and Blackpool in the English lower leagues.
Clark succeeded Gary Locke last year and successfully managed to keep the Ayrshire side in the top flight after defeating Falkirk in the play-off final.
He’s since managed to keep Kilmarnock’s heads above water in the Ladbrokes Premiership relegation battle, as they currently sit in sixth place, seven points off the bottom.
Chris Brass had only been named as manager of Bury in December in a deal until the end of the season. Results have not been great for the Greater Manchester side, who sit in the relegation places, though they have picked up four points from their last two games.
Kilmarnock will now begin their search for a new manager.