Frank Lampard has been sacked by Chelsea after just 18 months as head coach and will be replaced by Thomas Tuchel.
In a statement, Chelsea said "results and performances have not met the club's expectations, leaving the club mid-table without any clear path to sustained improvement".
Tuchel, who left PSG in December and previously managed Borussia Dortmund, will be Chelsea's next head coach and plans are under way to appoint him before the game against Wolves on Wednesday. The German is the only candidate for the role.
Lampard, who is the club's all-time leading goalscorer, enjoyed a good first season as Blues boss, taking them to the FA Cup final and securing qualification for the Champions League.
Lampard took the side on a 17-game unbeaten run but away defeats to Everton, Wolves, Arsenal and Leicester and a 3-1 home defeat to Manchester City have cost him his job.
In a statement, Abramovich said: "This was a very difficult decision for the club, not least because I have an excellent personal relationship with Frank and I have the utmost respect for him.
"Roman Abramovich's quotes on the sacking show just how much respect he has for Frank Lampard. Abramovich has never previously commented on footballing matters.
"The decision was difficult because it was Lampard, but easy because of what was happening on the pitch.
"Lampard lost his job because the board were very concerned by results and performances, especially the fact that he has the worst points per game record of any manager in the Abramovich era.
"The board could not see a way for Lampard to reverse the negative direction of travel.
"The board were very concerned about the lack of confidence, form and momentum.
"Lampard was told at the start of the season that the target was to close the gap on Liverpool and Manchester City and to be challenging at the top. That has not happened so a change had to be made. The aim was not just to finish in the top four.
"Chelsea felt they had no option but to make the change now in order to give Thomas Tuchel as much time as possible to turn their season around.
"Tuchel is being appointed because he is the best man for the job - it has nothing to do with him being German and nothing to do with trying to get the best out of Werner, Havertz and Rudiger.
"Lampard was told this morning. As always, he took it like the ultimate professional."
Those losses to Manchester City and Leicester mean Chelsea haven't won any of the six games they've had against teams currently above them in the table. It's a statistic that does not reflect well on a head coach who is aiming to win respect for his tactical ability.
Nor did the constant team changes over recent weeks, which saw Antonio Rudiger swiftly promoted from exile to first-choice centre back, Jorginho suddenly return to midfield - and Lampard use no fewer than 17 combinations in the front three across the Premier League and Champions League.
The goals conceded column, set-piece susceptibility, and wasteful finishing continued to hold the team back, despite the expensive outlay, and Lampard leaves the team ninth in the Premier League on 29 points. That's five places and three points worse off than at the same point last season.
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