Former Derby, Sheffield United, Birmingham, Fulham and Stoke midfielder Peschisolido, 40, in his third season in charge of the Brewers, left the club following a meeting with chairman Ben Robinson immediately after their latest defeat.
Robinson said in a statement: "In all honesty looking at how the team played I think it's clear that the time has come for a change."
He added: "If we continue on our current run of form the teams below us will catch us up and we will find ourselves in a relegation battle, which would be especially disappointing considering our wage budget is considerably higher than last season when we avoided relegation in the second to last game of the season.
"I have asked Gary Rowett and Kevin Poole to take charge of the team for Tuesday evening's game against Northampton Town."
Canadian-born Peschisolido, who replaced Roy McFarland as Brewers boss in May 2009, said: "I'm devastated obviously with how things have gone recently, but Burton Albion will remain close to my heart and I'm sure things will pick back up again on the pitch."
Source: PA
Source: PA