The club announced the news on twitter saying: "The club have today parted company with manager Terry Dodd and his assistant Julian Curnow. We would like to put on record our thanks for all their efforts last season and wish them all the very best for the future."
Dodd and Curnow took over the reins at the club in May last year and were enjoying a good first season before it was curtailed by the coronavirus pandemic.
Wick were fourth in the SCFL Division 1 and stood a good chance of promotion before the season was deemed null and void.
A club spokesman said: "It’s never an easy decision parting ways especially with two people as likeable as Terry and Julian.
"They are very ambitious and I’m sure will go on to have as good careers in management as they did as players.
"Last season they did well and had the club up challenging at the top end of the table and it would have been interesting to see where we had finished had the season not ended prematurely.
"We wish them both and the rest of the management team all the very best for the future and thank them for all their efforts last season."
But as with all clubs, Wick will face financial issues due to the lockdown and the lack of revenue coming into the club.
They added: "With the current financial crisis clubs are experiencing we just felt that we had to be sensible and curtail our ambitions slightly to safeguard the long term future of the club.
"The club still wants to get promoted as soon as possible but will be trying to do so on a much tighter budget than planned.
"After some discussions it was felt that we would be better off getting a management team excited by the club's plans rather than stick with Terry and his management team who maybe wouldn’t be as enthusiastic working on a smaller budget."
The club will now look to find a replacement and they plan to advertise in the next seven days.
Any applicants can express their interest via email - [email protected]
The club spokesman said: "Ideally we would want to appoint as soon as possible after the seven days to give the new management team time to get settled and plan for pre season.
"Obviously the club remains on lockdown for the foreseeable future and this has had a massive effect on club finances. Most of our budget comes from functions held at the club and there is so much uncertainty as to when we are likely able to open again. We are very grateful to Arun District Council and their financial assistance has guaranteed the clubs immediate future."