"He has laid the foundation for the future and we are enormously grateful for his contribution to the club.

"We wish Ivan, his wife Rebecca and his family all the very best for the future."

It is understood the Panthers were disappointed with the results of 2015 and believed Cleary hit a wall during an injury-ravaged season.

There were brief discussions over the past fortnight regarding Cleary's tenure.

Cleary took over at Penrith in 2012 after guiding the Warriors to the grand final the previous season.