Gray has been in charge at Hillsborough since the beginning of December 2013. They were joint bottom of the league at the time he replaced Dave Jones and he steered them out of some trouble and saw them end the season some nine points clear of the bottom three and 16 points clear of Yeovil who finished bottom.
They've finished in mid table this season and it was clear to see it was a lack of goals that prevented them from pushing for the play-offs. Defensively they were excellent with only three of the top four conceding less goals, but they scored less than any team who finished outside the bottom three.
Even so, the new owners at Wednesday confirmed they were happy with him and looking forward to working with him. That was until today when he was relinquished of his duties with chairman Dejphon Chansiri saying: "This is not a decision I have taken lightly but one that I believe is in the best interests of our club ahead of the 2015/16 season.
"The club will be taking a new direction next season and it is my belief that the appointment of a new head coach will help achieve my desire of bringing Premier League football back to Hillsborough.
"I would like to thank Stuart for his hard work and diligence on behalf of Sheffield Wednesday and wish him all the very best moving forward."