Chairman Steve Parish said: “Leif joined us during a challenging period, and we are grateful for his contribution and the professionalism he has shown during his time at the club.
“We wish him every success in the future.”
Speaking on his departure, Smerud said: “While we didn’t get the outcome we hoped for, I’m proud of the work we’ve done together.
“I’m grateful to Steve Parish and the board for their trust and for the opportunity.”
Crystal Palace Women will provide an update on Leif’s replacement in due course.