Milan Mandaric has told the Star that he did his duty as Wednesday chairman by firing Dave Jones.
Mandaric also thanked Jones for his efforts and for taking the club into the Championship.
But the chairman felt he had to act in an attempt to spark a revival for the struggling team.
He said: “My duty as chairman is to do what is best for the club. This is what I have done.
“Things have not gone so well, so a correction was needed.”
With Stuart Gray put in charge for tomorrow’s match against Leicester, Mandaric added: “He is a very experienced coach who will take care of the team until we find the right person.”
The chairman was unable to say whether or not an appointment will be made before Saturday’s home game against Forest.
He commented: “I thank Dave for getting us promoted. He is a good man and a good worker, but unfortunately the results have meant that I had to make this decision.”
Jones was axed yesterday after the Owls lost 2-0 at Blackpool.
More in The Star tomorrow.