Cape Town - Bidvest Wits on Wednesday announced that Jose Ferreira has been released from his position as CEO of the club, through mutual agreement, with immediate effect.
Ferreira has agreed to remain as a consultant and adviser to the club in the foreseeable future.
Alan Fainman, Chairman of Bidvest Wits stated: "Jose has enjoyed seven successful seasons with us and has brought a professional approach to the club.
"We understand and respect his situation and wish him ongoing success in his future endeavours"
Ferreira stated: "It is with deep regret that I have, for personal reasons, requested the Chairperson of Bidvest Wits to release me as CEO of the club, which has been kindly accepted. On a personal level, 2019 has been a very difficult one, and the many uninterrupted years of service to the game of football, that I love so much, have all taken their toll.
"I wish to thank Bidvest Wits FC, and in particular previous and current chairpersons, Brian Joffe and Alan Fainman respectively, for having entrusted me with the task of leading this great club, for the last seven years.
"The challenge was the biggest of my career as a football administrator, and as daunting as it was when I first took over the reigns in 2012, I have enjoyed every moment of it. I can only hope that I will have met the mandate I was entrusted with by Bidvest and pray that I will have left some enduring personal marks behind.
"I have had the privilege of working at this club with some of the very best professionals in South African football and every single success story of this club, during my tenure, is largely due to their professionalism, drive and passion, unequalled in South African football. I will be forever grateful to them all.
"I now intend to take some time off for myself, but I have no doubt that the game that has given me so much joy will, in no time, see me embrace it again."
Rumours doing the rounds locally are that Wits are re-structuring financially as they have
already made a number of cuts in the youth development ranks as well as from
the backroom staff and playing squad.
There are also further claims that Bidvest could possibly pull out of the club which would drastically affect the financial standing of the 2017/2018 Absa Premiership champions.
Recently head coach Gavin Hunt cited the economic situation in South Africa as to why the club needed to cut back on their expenditure.
Compiled by Baden Gillion