Defeat at the qualifying stages of the Champions League in August had limited Clement’s summer transfer budget amid a worsening financial picture off the pitch.
Rangers announced a £17.2m loss for the year to June, up £4.1m from the previous accounting period, prompting a reduction to the first-team wage bill for this season.
Contrasted with three-in-a-row champions Celtic’s £13.4m profit, Rangers’ failure to reach the Champions League group stage last season or league phase this term was laid bare.
Former Club Bruges and Monaco boss Clement had earlier in the season signed a new deal until 2028, meaning Rangers face a managerial compensation pay-out for the third season running.
Indeed, Rangers are looking for their fifth permanent manager inside four years with neither Giovanni van Bronckhorst, Beale nor Clement able to put in a credible enough challenge to Celtic since Steven Gerrard won the Ibrox side’s last league title in 2021.
In recent months, there have been boardroom changes at Ibrox, with Stewart joining from Manchester United and Fraser Thornton coming in as non-executive chairman.
The chief executive role had been vacant for around six months following James Bisgrove’s summer departure while John Gilligan was appointed interim chairman in September after John Bennett had stepped down on health grounds.
Stewart, in his interview with club media last week, stated Rangers were hoping to recruit a new sporting director, an appointment Clement later said he would not have a say in.
Clement exits after winning 55 of his 86 games in charge of Rangers, drawing 16 and losing 15.
