Martin Allen has left Barnet to become the new manager of National League side Eastleigh, the League Two club has announced.
The Bees revealed that Eastleigh made an approach for the 51-year-old on Wednesday following the departure of Ronnie Moore on the same day due to "personal circumstances."
Barnet chairman Tony Kleanthous told the club's website: "Martin has asked to be released from his contract so he can join Eastleigh.
"The approach came out of the blue [on Wednesday] but it was quite clear that Martin had decided that he wanted to take the opportunity they were offering to him.
"He leaves with our best wishes having done a great job helping to rebuild the football club after our relegation into the National League.
"Our promotion two years ago was one of my highlights as chairman and I was always aware Martin would be in demand as a result.
"The club is undergoing many changes. We have made the transition off the field needed for us to progress through the Football League and we must ensure our on-field development matches the facilities we have created.
"Martin's departure presents us with an opportunity and we intend to appoint somebody who will help develop our younger players and integrate them into our first-team, as well as bringing in players who can play at a higher standard."
Development team coach Rossi Eames will take charge of the first-team affairs on an interim basis, assisted by Academy manager Henry Newman.
Allen has been manager of Barnet for four separate spells and has walked out on the club on three occasions.
He left for Brentford in March 2004, returning seven years later on an eight-game contract of which he lasted three before leaving to join Notts County.
Allen was sacked by the Magpies in February 2012 and returned to Barnet in April of that year to preside over the last three games of the season following the departure of Lawrie Sanchez.
His fourth and most recent spell began in March 2014 during which he led the club to promotion back into the Football League.
He now steps back down to the National League, albeit with an Eastleigh side that is pushing for promotion.