The rejuvenation of Penrith continued on Thursday with chief executive Michael Leary announcing he would retire from his role at the NRL club.

Leary, who will retire at the end of the season after 16 years at the Panthers, felt the time was right to allow for the restructuring of the football operations.

Penrith recently appointed respected premiership-winning coach Phil Gould in an overseeing role where he will take a hands on approach at all levels of the club.

"I would like to thank the coaching and playing staff, the administration staff who work tirelessly for the club as well as the loyal support from our sponsors and members," Leary said.

In April, the club announced head coach Matt Elliott would not be retained beyond the 2011 season, and they are yet to find a replacement.

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