McGhee was sacked a little more than an hour after Rovers slumped to a 4-1 defeat to League Two rivals York.
Rovers slipped to their eighth defeat in 10 league games to plunge into the relegation zone and prompt McGhee's dismissal less than a year after his arrival.
The 55-year-old saw his side ship four goals inside the opening 33 minutes today to seal his fate.
Garry Kenneth's 14th-minute own goal was cancelled out by Tom Eaves a minute later but that was as good as it got for Rovers.
Within four minutes they were 3-1 down to goals from Ashley Chambers and Jason Walker. Chambers grabbed his second in the 33rd minute to secure York's third home league win of the season.
Gillingham retained their five-point lead at the top despite being held to a 2-2 home draw by Fleetwood.
The Gills had to battle back from 2-0 down as Junior Brown (20) and Alan Goodall (28) gave Fleetwood initial control. Charlie Lee pulled a goal back three minutes before half-time and Myles Weston snatched a point on 65 minutes.
Closest rivals Port Vale and Cheltenham failed to close the gap as they cancelled each other out in a 1-1 draw at Whaddon Road.
Darren Carter opened the scoring on 61 minutes but Cheltenham's lead last just six minutes as Louis Dodds quickly replied.
Rotherham edged up to fourth with a 1-0 win at AFC Wimbledon. Substitute Kieran Agard scored the winner with 11 minutes left.
Bradford could only draw 2-2 at Southend following their Capital One Cup heroics in midweek.
Phil Parkinson's side knocked Arsenal out on penalties to reach the semi-finals in midweek but their efforts seemingly proved costly as they conceded twice late on.
Ryan Cresswell (80) and Gavin Tomlin (90) snatched a point back for Southend after they fell 2-0 down to Nahki Wells (28) and Luke Prosser's own goal (64).
Rochdale's poor run continued as they lost 4-2 at Aldershot.
Daniel Lopez (eight), Peter Vincenti (39), Danny Rose (45, penalty) and Craig Reid secured the points for the Shots as Dale could only respond through Ashley Grimes' double (12 and 60).
Ben Herd saw red for the hosts in injury time to provide the only sour note for the Hampshire side.
Barnet stayed bottom as Matthew Saunders' 17th-minute winner condemned them to a 1-0 defeat at Dagenham & Redbridge.
Ten-man Wycombe won 2-0 at Accrington Stanley as Bruno Andrade (11) and Matt McClure (34) netted before the latter saw red on 56 minutes.
Exeter and Plymouth drew 1-1 with Joe Lennox (73) cancelling out Liam Sercombe (34). Maxime Blanchard was sent off two minutes from time.
Morecambe, Chesterfield and Torquay all also drew 1-1 against Oxford, Burton and Northampton respectively.
Substitute Harry Worley equalised for Oxford in the 88th minute after Kevin Ellison had opened the scoring 10 minutes earlier.
Marc Richards scored Chesterfield's equaliser in the 74th minute, after Jacques Maghoma (34) scored first - but the Spireites saw veteran striker Jack Lester dismissed at the end.
Kelvin Langmead waited until injury time to snatch a point for Northampton after Torquay's Ryan Jarvis (62) thought he had done enough to decide the match.