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The Scot took over from current England boss Roy Hodgson in January 2011 but has now parted company with immediate effect. He led the Reds to Carling Cup glory this season and to the FA Cup final where they lost to Chelsea. But an eighth-place finish in the Premier League was way below what's expected from a club that needs Champions League football to compete financially with Europe's big guns. Dalglish flew to the United States on Sunday to present his end-of-season review to principal owner John Henry and Tom Werner. But despite that Carling Cup win, overview makes grim reading. Liverpool ended the season with their lowest ever points total in the Premier League and finished below Merseyside rivals Everton. The Anfield outfit also had their fewest wins in a top-flight season, 14, since 1953-54 and scored their fewest top flight goals in a season (47) since 1991-92.