"Today we met to discuss the Commissioner's report related to the Houston Astros investigation. Given the findings and the Commissioner's ruling, we collectively decided that it would not be possible for Alex to effectively lead the club going forward and we mutually agreed to part ways," the statement reads.
Cora was found by Major League Baseball to have been a key part of the Astros' sign-stealing scheme when he served as the club's bench coach in 2017. He was then hired as Red Sox manager ahead of their 2018 World Series campaign.
The Red Sox and Cora remain under investigation for separate sign-stealing allegations from the 2018 season.
"We agreed today that parting ways was the best thing for the organization," Cora said in the statement. "I do not want to be a distraction to the Red Sox as they move forward. My two years as manager were the best years of my life. It was an honor to manage these teams and help bring a World Series Championship back to Boston. I will forever be indebted to the organization and the fans who supported me as a player, a manager and in my efforts to help Puerto Rico.
"This is a special place. There is nothing like it in all of baseball, and I will miss it dearly."
Boston went 192-132 in two seasons with Cora at the helm.
Cora's ouster comes one day after one-year suspensions were given to former Astros GM Jeff Luhnow and manager AJ Hinch, who were both subsequently fired. Cora is likewise expected to be punished by the league, though the severity has yet to be announced.
It's the latest change during an offseason of upheaval for the Red Sox. Chaim Bloom took over as Boston's chief baseball officer after Dave Dombrowski was dismissed from his position as president of baseball operations in September. Now, Bloom will have to find a new manager ahead of his first season with the team.
Whoever takes over as the club's next skipper will be Boston's fifth since 2011.