PRESTON North End's chief executive Tony Scholes is to resign.

A statement issued by the club on Wednesday said he was leaving by mutual consent but will remain at the club until after the annual general meeting on October 14 to ease the transition to getting new person for the job.

He became a director of North End six years ago, becoming chief executive three-and a half years ago.

In that time the club has won promotion to Nationwide Division One and there have been has substantial off-field developments.

Tony Scholes said: "I have spent six very interesting and enjoyable years at PNE. I am very proud of how far the club has progressed and the success that has been achieved in that time"

PNE chairman Derek Shaw said: "Tony has made an enormous contribution to Preston North End over the past six years. Financially the club is now in excellent shape and also extremely well placed to progress further over the next couple of years."

"Tony is a highly talented individual and skilled negotiator who I know will be successful wherever his career takes him next.

"We thank him for all he has done for PNE and wish him well for the future."

The news came on the day that Preston North End plc announced financial results for the year ending June 30, 2002.

The results showed that turnover reached £9.9 million, an increase of £2.7 million on the previous year.

Profit before depreciation and amortisation of player contracts was £1.86million.