Charlton chief executive Steve Waggott will leave the club at the end of the month in a cost-cutting measure following the Addicks' failure to secure promotion from League 1.

Mr Waggott will continue to assist chairman Richard Murray in the hunt for new players during the transfer window, but his duties as CEO will be taken on by managing director Stephen Kavanagh.

Mr Murray said: "Steve, the board of directors and I have agreed that Steve will leave his role as CEO at the end of the month, but he will continue to assist me during the transfer window on reshaping the first-team squad for the forthcoming season.

“All the directors and I would like to thank Steve for all his hard work over the past two difficult years, and we wish him well in the future.”

Mr Waggott said: “It has been a real honour and privilege to work at Charlton over the past six and a half years. Given the financial climate and two relegations in four seasons, it has been a difficult role to fulfil over the past two years, and we were all hoping that the club would get back to Championship status at the first attempt, which would have secured vital additional income.

“This didn’t happen, and therefore in the current circumstances the club must restructure at all levels, including the executive level - so, following a series of discussions and meetings, a decision was taken by the board for me to leave.”

Mr Waggott has held the role since April 2008 when he succeeded Peter Varney in the role, having previously worked as chief executive of the Charlton Community Trust.

He added: "Charlton is a great club, with loyal supporters and true community and family values, and I hope the club bounces back next season, returning to the Championship and progressing from there,” said Mr Waggott.

Has Steve Waggott paid the price for the Addicks' failure to return to the Championship at the first attempt? Have your say below.