Interlayer exchange coupling in strong/weak/strong ferromagnetic multilayers is investigated as a function of external magnetic field and temperature, with the focus on the magnetization switching near the Curie transition in the spacer composed of a diluted ferromagnet of concentration paramagnetic in the bulk. The effect of an externally applied reversing magnetic field on the width of the thermomagnetic transition is studied experimentally and explained theoretically as a result of the interplay between the proximity-induced exchange and the Zeeman effects in the system. Of high potential for applications should be the ability to switch one of the ferromagnetic outer layers using magnetic field, temperature, or a combination of the two.