The 39-year-old was recently shortlisted for the Championship Manager Of The Year award after the Tigers finished in seventh position in the standings.
Hull were in contention for a playoff spot heading into the final day of the campaign, ultimately falling short after a 1-0 defeat at Plymouth Argyle.
Even if Hull had prevailed at Home Park, they would have finished in seventh on goal difference, while Rosenior's side also lost just three of their final 16 matches of the campaign.
Nevertheless, it has not prevented the club's owners from heading in a different direction, Rosenior being removed from his position with immediate effect.
What has Hull's owner had to say?
In a club statement, owner and chairman Acun Ilicali has insisted that the decision was his "most difficult" during his reign, yet moved to justify the surprise move to supporters.
Ilicali said: "This has been the most difficult decision I have had to make as chairman of this wonderful football club. No matter how trying the circumstance, I have to remove personal sentiment from these moments and ensure the long-term vision of the club is at the centre of my thinking.
"Since Liam's arrival, we have enjoyed an open working relationship and progress has undoubtedly been made over the course of his tenure. He will always be a part of this family and I thank him for all his work.
"However, it has become evident that our visions for the future are not aligned and I feel that now is the time to make a change. Our philosophy is clear, we will continue to drive this club forward, and whilst doing so I will continue to be open and transparent with our fans.
"I know what this football club can achieve, and we will not stop in the pursuit of that. We have worked hard over the last two years to develop our squad. We now have many highly talented players at our disposal and we will continue to invest and improve our playing personnel to give this club and its fans the success they deserve."
What does Rosenior's record look like?
Rosenior departs the MKM Stadium having recorded 27 wins, 28 draws and 23 defeats during a 78-match stint that started on November 2022.
When Rosenior arrived at the club, Hull sat in 21st position, and this season represented the first time in six attempts that have finished in the top 10 of the Championship.
Nevertheless, there has been heavy investment by Hull, Rosenior having been backed in the transfer and loan market, particularly in the final third.
The negative statistic for Hull is 60 goals being conceded from their 46 matches in the second tier, the equal 10th-best in the division.
Furthermore, their return of 68 strikes was just the ninth-best, the indication being that claiming seventh spot was perhaps an over-achievement.