Greg Feasel has been named club president and chief operating officer. He'll oversee baseball operations following Bridich's dismissal.
"Over the last week, Jeff, Greg, and I determined that it was in the best interest of Jeff, his family, and the Rockies for him to step down as general manager," team owner Dick Monfort said in a statement Monday evening. "I'm saddened by this, but I have accepted the fact that we must move on.
"Jeff has dedicated the last 17 years of his life to this organization. He has been a great Rockie and been part of many memorable moments, including being the general manager for our first back-to-back playoff appearances in 2017 and 2018. I'm grateful for his leadership, professionalism, and hard work. I wish Jeff and his family nothing but the very best."
Colorado will also appoint an interim GM for the remainder of the season and search for a permanent replacement after the 2021 playoffs.
"After recent conversations with Dick and Greg Feasel regarding the organization and its future, it became abundantly clear that ushering in a new leadership structure is critically important," Bridich said in a statement, per MLB.com's Thomas Harding.
"With that in mind, we arrived at this decision to part ways, and ultimately it will be what is best for the Rockies and for me. ... Dick has a clear vision for the Rockies, and after nearly seven seasons as general manager, I believe it is time for someone else to help lead that vision."
The Rockies appointed Bridich GM following the 2014 season. The Wisconsin native was responsible for overseeing the franchise's only consecutive playoff appearances in 2017 and 2018.
In February, the 43-year-old executive traded Gold Glove third baseman Nolan Arenado to the St. Louis Cardinals after previously inking the five-time All-Star to an eight-year, $260-million contract extension in 2019.
Arenado and Bridich reportedly had a strained relationship before the deal took place after the third baseman said he felt disrespected by the executive.
Colorado agreed to pay $51 million of Arenado's salary in the deal with St. Louis, which netted them left-hander Austin Gomber and four prospects.
Bridich also dealt popular shortstop Troy Tulowitzki to the Toronto Blue Jays in 2015 and signed Ian Desmond (five years, $70 million), Wade Davis (three years, $52 million), Jake McGee (three years, $27 million), and Bryan Shaw (three years, $27 million) to unsuccessful free-agent deals throughout his seven-year stint as Rockies GM.
The Rockies entered Monday with the National League's worst record.