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Yesterday's 3-0 reverse at Southend was the final straw, their fifth defeat from six games this season, and Jepson met Chairman Paul Scally earlier today and tendered his resignation which was accepted.
He turned things round after Cooper's disastrous run two seasons ago and they ended the season, their first following relegation, in fourteenth place. Last season saw them two places lower in sixteenth but hopes were high for the new season even though they sold Matt Jarvis to Wolves.
Some experienced players were brought in during the summer, including Steve Lomas and Simon Royce from QPR, Derek Stillie from Dundee United, David Graham from Sheffield Wednesday and interestingly Efe Sodje from Southend.
But three points from five league games has led to unrest from the fans and despite their solitary win last week against Walsall, has led to the parting of the ways for Jepson and the club.