After signing a three-year deal to oversee player recruitment, the 67-year-old was in the role for less than eight months.
However, his tenure was met with fans protests, while the Magpies failed to sign anyone on a permanent deal during his second spell on Tyneside.
Manager Alan Pardew was clearly unhappy at the club’s lack of transfer activity, as he said: “If I was in charge, solely, of transfers, things might be different but I’m not.
“I think I’ve made my opinions very clear this week and all the rest of it is confidential.”