Harras El-Hodoud coach Tarek El-Ashri was appointed as Masry's new boss, the Port Said-based club announced on Thursday.
El-Ashri will replace Ihab Galal, who resigned after Masry's humiliating 4-0 defeat by Arab Contractors in the Egypt Cup on Wednesday.
Masry's string of poor results also saw them drop to the 10th place in the league table.
Galal, 52, has been under pressure this season as Masry failed to replicate their last season's form. However, he was repeatedly given a vote of confidence by the board until the Cup fiasco proved the last straw.
The former Maqassa and Zamalek coach was a leading candidate to take charge of the Egyptian national team but failed to agree terms with the country's football association, paving the way for the appointment of ex-Ahly Hossam El-Badry.
Masry will hope that the experienced Ashri bring them back on track ahead of the start of the second half of the season, which includes a crucial two-legged encounter against Morocco's RS Berkane in the African Confederation Cup quarters.
The 56 year-old-won the Egypt Cup twice with Harras El-Hodoud in 2009 and 2010 and the Egyptian Super Cup in 2010.
He managed Enppi, Wadi Degla, Arab Contactors, as well as Sudanese club Al-Hilal and Libyan side Ahly Tripoli
Harras El-Hodoud announced that assistant coach Mohamed Halim will replace El-Ashri until the end of the season.
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