Raj Singh has praised the honesty and integrity of Richard Money but admits he is disappointed the former manager has left Hartlepool United.
The departure of the 63-year-old has been confirmed, just six days after the manager was moved upstairs having decided to walk away from his position as first-team boss.
A statement confirming the news read: "The board of Hartlepool United can confirm that Richard Money has left the club.
"Following discussions on Monday, Richard made it clear he didn’t want to burden the club with additional cost and offered to cancel his contract. It was therefore mutually agreed that Richard should be released from his contract.
"During his time here, Richard assisted in a number of player signings, which we believe will be of benefit to the Club this season for which we are grateful."
The decision has left chairman and joint-owner Singh disappointed, but he has praised the former Luton and Cambridge manager's honesty and integrity.
He said: "Whilst we are disappointed, I would like to thank Richard for his honesty.
"I respect Richard’s integrity and the fact that he didn’t wish to further financially burden the club and wish him all the very best for the future."