Mark Ashton says he owes a debt of gratitude to everyone connected with Oxford United as his 18-month stay as chief executive was brought to an end.

The exit comes with chairman Darryl Eales taking a more hands-on approach after giving up some of his other business interests.

It will see him take a new title of executive chairman, effectively making Ashton’s role surplus to requirements.

As a result, Ashton will give up his share in ENSCO 1070, the parent company owned by Eales which has a majority stake in United.

In a statement made public today, Eales said: “I’m very grateful for everything Mark has done in helping to improve the fortunes of the club.

“He leaves us in a much better state, both on and off the field, and he has played a significant part in this transformation.

“The reality is that, having relinquished a number of other business interests, I have both the time and desire to devote to running the club.

“Mark understands that, in the new structure, we would be duplicating roles.”

Speaking to the Oxford Mail yesterday, Ashton made it clear the departure was on good terms and had been in the works for some time.

“There’s no conspiracy,” he said. “Darryl has more time on his hands and it’s very difficult in business to have two chiefs, it just doesn’t work.

“It’s not a shock, Darryl and I have been talking for a while about the best way forward for the club and I’ve got total respect for him.”

The pair led the takeover from Ian Lenagan in July 2014, with Eales providing the financial backing and Ashton, whose long involvement in football included roles at West Bromwich Albion and Watford, providing the expertise.

Ever since the 44-year-old, who says he wants to stay in football, has been prominent in revamping the club on and off the field.

He has also been very accessible to media and supporters alike, improving communication and taking on board ideas.

For Ashton, it is those links – particularly with the U’s fans – which stand out.

Ashton said: “I feel like you’ve all taken me under your wing. I think in that period we’ve actually built quite a special relationship.

“I’ve worked at a lot of clubs in the past, even West Brom where I was for 16 years as a fan, a player and a coach, and I don’t think I had the same relationship with the supporters, media and the stakeholders as I do at Oxford.

“I just want to reiterate the debt of gratitude I owe to everyone for helping me in the 18 months I’ve been here.”