Under Hignett, who has been manager since February 2016, Hartlepool have won only 15 games, out of 52.
Hignett was previously Assistant Manager of Hartlepool United during his ex-Boro team mate Colin Cooper’s stint as manager from May 2013.
“I would like to place on record my thanks to Craig for all of his efforts,” said Chairman Gary Coxall.
“He has given everything for the Club during his time in charge and he leaves with our very best wishes for the future.
Sam Collins has been announced as caretaker manager of the first team.
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