Tepper said he will begin a search for a new coach immediately.
The legacies of Rivera and Newton have always been intertwined as both came to the Panthers in 2011.
Secondary coach Perry Fewell has been named interim head coach in his place.
Speculation suggested the 57-year-old affectionately known as "Riverboat Ron" was on borrowed time in Carolina because of his resistance to analytics. Offensive coordinator Norv Turner will transition to the role of special assistant to the head coach, while quarterbacks coach Scott Turner will serve as the team's new offensive coordinator. His teams went 3-4 in the postseason, including a Super Bowl appearance and three NFC South championships. He posted an overall regular-season record of 76-63-1 in Carolina, including a 5-7 mark so far this year.
As for what the staff changes mean for one-time MVP Cam Newton, recovering from a Lisfranc injury that ended his season after Week 2, that remains to be seen.
Given that he's been dealing with some big roster holes, it's a bit of a surprise that Rivera would be fired at this point, but Carolina has lost four straight games, including an 8-point loss to Washington on Sunday.
Tepper is in the second year of owning the team and made the decision to retain Rivera following the 2018 season, despite the team enduring a seven-game losing streak after a 6-2 start to the year.
"We are going to take a comprehensive and thorough review of our football operation to make sure we are structured for long-term sustained success", continued Tepper.
Nevertheless, the National Football League is, always has been and always will be a what-have-you-done-for-me-lately kind of business.
Kyle Allen has filled in for Newton this season at quarterback and is 5-5 as a starter.