Ferrer was previously in charge at Betis between 1993 and 1997.
"I'm not going to deny that my work over the past two years hasn't yielded the results we all hoped for," said Fernandez.
"I ask forgiveness for that because I bear the ultimate responsibility, but I want the fans to know that all my experience and effort has been directed towards trying to make Real Betis a more competitive team."
La Liga
Roberto Carlos extends Madrid stay
11/06/2004 AT 17:56
Despite the presence of a number of highly skilful players, including Brazilian internationals Denilson and Marcos Assuncao and Spain winger Joaquin, Betis have been unable to challenge for the top places in the Primera Liga.
They finished in ninth this season, missing out on a place in the UEFA Cup for the second year in a row.
Fernandez, who led Real Zaragoza to triumph in the 1995 Cup Winners' Cup, joined Betis in 2002 following four successful seasons as coach of Celta Vigo. He has not yet been linked with another coaching post.
La Liga
Morientes: I will return to Real
11/06/2004 AT 09:50
La Liga
Ranieri checks in at Valencia
08/06/2004 AT 13:57