Plymouth Argyle captain Carl Fletcher will take temporary charge of the Pilgrims with Romain Larrieu as his assistant in the wake of the departure of Peter Reid.
Argyle are currently still in Administration with takeover talks continuing with three interested bidders in the running.
On the pitch, the Pilgrims have suffered eight consecutive defeats, which has left them bottom of League Two and Fletcher will be looking galvanise them.
As one of the club's longest serving players, Fletcher is one of several Argyle players who has been forced to defer his wages during 2011 and will be looking to help lay the foundations for a better future for the Pilgrims.
"We want to get this dark cloud away from the football club and have a bright future," said Fletcher.
"Everyone who is involved with Argyle wants everyone to do well.
"It's a big change personally, but I've been thinking about management for a few years now.
"With everything that's gone on off the field it's been very difficult for everyone involved," he said.
"It's a new challenge now, me and Ro (Romain Larrieu) will try and do things our own way and put in 100% effort.
"For us to achieve anything it's not going to be me and Ro or me, Ro and the players, it's going to be everyone," he added.
Fletcher originally arrived at Home Park in February 2009 on loan from Crystal Palace before joining the Pilgrims permanently in the summer of 2009.
He has made 103 appearances and scored eight goals during that time, including the equalising goal against Shrewsbury Town on the opening day of the current season, which has given the Pilgrims their solitary point in the 2011-12 campaign.
His next task will be to try and lead Argyle to three points against Macclesfield Town this coming Saturday.