Cassara coached The Pride for three seasons, posting a 38-59 record in that span. Hofstra was 21-12 in Cassara's first season but was 7-25 in 2012-13.
"I would like to express how much I have valued and enjoyed the opportunity to be the head basketball coach at Hofstra University," Cassara said in a statement. "I want the entire community to know just how much I care about our student-athletes and this team.
"We have navigated through what has been a challenging season. I wish nothing but success to the athletic department, basketball program and supporters of the Hofstra Pride."
Cassara took over the head coaching position in May 2010, replacing Tim Welsh, who resigned after he was arrested on a driving-while-intoxicated charge.
Assistant Patrick Sellers was named interim coach during the search for a new coach, Hofstra said.