The former Hornets coach was appointed Bees boss at the end of the 2009–10 campaign and last season led them to the play-offs for the first time in four years.
Despite a rocky start to the current season, he appeared to be turning Bees' fortunes around with some positive performances, including an 8-2 thrashing of Manchester on Sunday.
But Precision Sports Marketing, who became the new licence holders of the club in the summer, have confirmed Cox's shock departure due to 'mainly off-ice reasons'.
They have also confirmed that they have received several applications for the head coach role and expect to announce a replacement shortly.
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