The struggling Bundesliga 2 outfit made the decision on Sunday morning following a goalless draw with MSV Duisburg which leaves them just three points above the bottom three.
Survival the priority
Club president Lothar Lässig commented: "We have explained to Karsten Baumann and Marco Kämpfe our reasons for their immediate dismissal. We needed to act in the interests of the club. Survival is our number one priority. We thank Herr Baumann and Herr Kämpfe and wish them all the best for the future."
The club will hold a press conference on Monday, where Baumann's successor is expected to be named.