By Brent Pilnick, BBC Sport England, South West

Caldwell’s departure is a big blow to the financially-troubled fan-owned club.

He has consistently guided Exeter to positions in excess of their wage structure.

Currently 13th in League One, should Exeter stay in the division come the end of the season it will be their longest tenure in the third tier since the late 1970’s to the early 1980’s.

He has had some rocky times such as a run of two wins in 19 games from September to December 2023 included 9-0 and 7-0 losses.

But he has had some memorable moments as well – beating then-Premier League Luton Town to guide Exeter to reach the last 16 of the EFL Cup for the first time since 1989 and taking Nottingham Forest, who at the time were chasing a Champions League place, to penalties in the FA Cup fourth round.

However, it comes as no surprise that he has chosen to leave the club – both on a personal and professional level.

Exeter could see a major cut in their playing budget next season as they aim to get on an even keel after over spending last season, making an already tough job even harder.

In addition, Caldwell’s family is still based in the North West and his Wigan connections are well documented – although he is leaving a club who have not sacked a manager since 2003 for a club whose last boss lasted 11 months.