Fabrizio Romano confirmed Peixoto's appointment in principle on Wednesday evening, with Edwards and his camp not formally informed until Thursday morning. Reports suggest Edwards, who was on holiday abroad, first became aware something was wrong through a family member alerting him to stories circulating online.
The manner of the dismissal drew immediate backlash. Edwards had appeared in the official announcement video for Raúl Jiménez's return to the club — released on Tuesday night — less than 36 hours before his sacking. Kieran Trippier had publicly praised Edwards' passion and commitment in his own unveiling just days earlier. Senior staff members within the club were also unaware any change was coming as recently as Wednesday evening.
Executive chairman Nathan Shi issued a statement defending the decision.
"I would like to personally thank Rob and his staff for everything they have given to Wolves during what has been a very difficult period in the club's recent history."
The official Wolves statement described the review as "comprehensive" and said the club had "ultimately concluded that a different sporting direction would provide the strongest platform for future success."
Edwards joined Wolves in November, leaving Middlesbrough — who were second in the Championship at the time — to replace the sacked Vítor Pereira. He won just five of his 30 games in all competitions, with the club finishing bottom of the Premier League having been relegated without kicking a ball in April.
He had been working actively on summer recruitment and gave a frank assessment of the situation at a recent public Q&A.
"We're not good enough. That's the bottom line. I knew coming here in November, I might be sitting here in front of a lot of very angry people because this place is in a mess. I wanted to come here, I wanted to try and help."
Peixoto, 46, is a Jorge Mendes client — a detail that will not be lost on supporters who lived through Fosun's previous Portuguese recruitment era. The 46-year-old guided Gil Vicente to sixth place in the Primeira Liga this season, their best finish in several years.
Edwards' assistants Harry Watling and Paul Trollope also leave.
The club wants Championship promotion at the first attempt. Whether the way this change was handled helps or hinders that ambition remains to be seen.