Chief executive Leeann Dempster and Director of Football Operations George Craig performed a rigorous process before appointing Alan Stubbs two years ago, and a similar project is now under way to find his successor.
The bottom line for the successful candidate is they must lead the Edinburgh club out of the Championship and back into Scotland's top flight - or be deemed a failure.
So who are the likely options for the Hibs board, and what are their chances of succeeding Stubbs at Easter Road?
Neil Lennon (current odds: 7/1)
Took Celtic job in 2010 and led them into Champions League group stages, famously beating Barcelona, and won three league titles. Left in the summer of 2014 and after a short spell out of the game, appointed Bolton boss. But constant financial issues saw Wanderers plunge to the bottom of the English Championship, and Lennon left in March, less than halfway through a four-year contract. Recently lost out to Brendan Rodgers for the Celtic job.
Stuart McCall (current odds: 5/1)
Currently in a part-time role as a member of Gordon Strachan's backroom team with Scotland. Linked with a number of managerial posts since leaving Rangers last summer. Had a successful four-year spell as Motherwell boss, leading them to a second-place finish in the Premiership and winning the Manager of the Year Award. Began his managerial career at Bradford City before returning north to take on the job at Fir Park.
John Hughes (current odds: 9/4)
Life-long 'Hibee' who has played for, captained and managed the club previously, finishing fourth in the top flight in his one full season before a fall-out with the board saw him leave five months later. May find it difficult to turn it down if asked again, but while chairman Rod Petrie remains, a return seems unlikely. Led Inverness to Scottish Cup success and a third-place finish, but left last month amid rows over budgets with the board.
John Collins (current odds: 16/1)
Played over 160 games for the club in a six-year spell between 1994 and 2000 before leaving for Celtic. Returned to Easter Road in his first managerial job when Tony Mowbray left in 2006, leading the club to a League Cup triumph in 2007, but soon left amid player complaints to the board about his management style. Spent the past two seasons as assistant to Ronny Deila at Celtic.
Mixu Paatelainan (current odds: 33/1)
A fans' favourite in two spells as a player, best remembered for scoring a hat-trick in a 6-2 win over city rivals Hearts in October 2000. Returned to Easter Road as boss in 2008, and led them to a top-six place. But after his first full season, he left by mutual consent, although departed on a high with another win over Hearts. Most recently boss of Dundee United, but sacked after their relegation from the Premiership this season.
Alex McLeish (current odds: 5/1)
McLeish took over a struggling Hibs side in February 1998 and despite an upturn in fortunes, they were relegated from Scotland's top flight. Guided them back at the first attempt and led them to a Scottish Cup final and third-place finish before moving to Rangers. Had a brief spell as Scotland boss before moving to England with Birmingham City, Aston Villa and Nottingham Forest. Most recently with Egyptian outfit Zamalek, but left after just 10 games.
Russell Latapy (current odds: 10/1)
Regarded by Hibs fans as one of the most gifted players to grace Easter Road in the past 20 years. Brought in by McLeish, he helped guide the club back to the top flight before moving to Rangers. Yet to try club management on his own but did have a brief spell in charge of his native Trinidad and Tobago. Most recently assistant to John Hughes at Inverness but left the club last summer.
Tommy Wright (current odds: 10/1)
Since taking over in 2013, Wright has guided St Johnstone to successive top-six finishes and Scottish Cup success - the first major silverware in the club's history - when they beat Dundee United in the 2014 final. Working with one of the smallest budgets in the Premiership, a second straight fourth place recently secured Wright a manager of the season award.
Jim McIntyre (current odds: 7/1)
Another young manager who has worked wonders at a club, Ross County, that just over a year ago looked destined for relegation. Since replacing Derek Adams in September 2014, McInytre and trusted assistant Billy Dodds have led the Staggies not only to safety, but a top-six finish and the League Cup - their first major trophy - this season.
In the past 10 years only Tony Mowbray has lasted more than two years as manager of Hibernian.