"Results have not gone as we would have liked this season and we have been disappointed with recent performances. Tony has been equally disappointed with how things are going on the pitch as he has always been wholeheartedly committed to the club with a strong desire to see it succeed. Both parties believe that the time is right for change to give the squad a fresh start and the club is now looking forward," said London Wasps chief executive Chris Thomas.
"Having been involved in a variety of roles here over the past number of years, Tony has been fully committed to developing the club in all areas and he has earned everyone's respect.
"Our focus now is on recruiting someone who can take the club forward and put us in the best position to challenge for honours. Tony's successor will inherit an ambitious squad that we will strengthen in the coming months and with eight more Premiership games to go, our aim as a minimum is to secure our place in next year's Heineken Cup and continue to fight for a place in the playoffs. This club has a proud history of success and our ambition is as strong as ever.
"On behalf of London Wasps I have thanked Tony for his work and dedication and I wish him the very best in the future."
New Zealand Hanks has stated his disappointment at leaving but left by saying he believes the club will be a success in the future.
"I am naturally disappointed to be leaving the club, and this has been a really tough decision to come to. In my time here over many years I have developed a very strong bond with the players and staff and I want to thank them for their hard work and commitment. I have huge respect for London Wasps and I wish everyone the best. I am confident there is a special group of players coming through and that the club will be successful in the future," said Hanks.
Wasps will travel to the Stoop on Saturday April 8 for their Amlin Challenge Cup quarter-final tie against compatriots Harlequins.