Mike McGinnity told the CET's Andy Turner: "Peter has done the honourable thing and gone. "He is not short of money and he has to take credit for making the decision himself rather than waiting for the decision to be made for him.
"All I hope now is that the fans get behind the team and whoever comes in as the next manager."
According to a recent survey in 442 magazine,Peter Reid is believed to be worth £5m thanks to pay-offs from Leeds and Sunderland plus money from television work.