Watford have had 22 different managers since the Pozzo family purchased the club in the summer of 2012.
Paulo Pezzolano is the latest managerial casualty at Vicarage Road after the Uruguayan was sacked after just 10 games in charge.
Pezzolano has been replaced by Javi Gracia, who is returning for his second spell in charge of the Hornets.
Gianfranco Zola holds the acclaim of spending the most time in the managerial hotseat during Giampaolo and Gino Pozzo's 13 years of ownership.
Zola was the first manager appointed by the Pozzo family, taking charge of 75 matches over 17 months between July 2012 and December 2013.