"Making a coaching change is never easy, but it's an especially hard decision when you know that a coach has given his all to our University", Guerrero said. "We thank Jim and his family for his service to our school and his unquestionable commitment to our student-athletes".
Mora, 56, went 46-30 in six seasons at UCLA.
There is no word on who will coach the Bruins for their regular season finale against Cal on November 24, but it is a big game for the team, as they will become bowl eligible with a win.
Mora is due a buyout worth more than $12 million.
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Guerrero said his coaching search will be aided by wealthy Bruins booster Casey Wasserman and Hall of Famer and former UCLA quarterback Troy Aikman. The school announced that Mora's contract will be "honored by UCLA Athletics, exclusively using department-generated funds".
The school announced that Mora has been fired after the loss dropped the Bruins to 5-6.
UCLA remains a glamorous job and will attract a wide-array of candidates as the search begins, none more obvious than a former Pac-12 coach who has proven to win big. Mora, the former coach of the Atlanta Falcons and the Seattle Seahawks, was the widespread subject of National Football League speculation at the time, but he repeatedly vowed to stay with the Bruins.
Offensive coordinator Jedd Fisch has been installed as interim coach. Rosen's 350 passing yards per game haven't been enough.
UCLA coach Jim Mora looks on as his Bruin team is defeated by USC on November 18, 2017 at the Coliseum.