Penrith Panthers legend and club deputy chairman Greg Alexander has revealed the shock and emotion behind Ivan Cleary's decision to walk away from coaching, admitting he “nearly fell off” his chair when the four-time premiership-winning mentor informed the board he would be leaving the club.

Earlier this week, it was announced at a Panthers press conference that Cleary would step down from coaching in the NRL at the end of 2027, instead taking up an advisory role with the club in 2028.

In the lead-up to the announcement, it was widely expected that Cleary would extend his tenure at Penrith. However, just hours before the press conference, reports emerged suggesting the legendary coach would instead be announcing his departure.

The decision has also sparked speculation around the future of son and superstar halfback Nathan Cleary, who is expected to test the open market from November 1.

Alexander detailed how the situation unfolded behind closed doors on SEN.

“Once he reached the decision and said that 2027 would be the end of it, it's given him the enthusiasm to get to that stage. It's like when a player decides to retire, you see a light at the end of the tunnel, and it drives you to the finish line,” he wrote on SEN.

“I think he wants the freedom of living life without coaching and what comes with it. It's not a 9-5 job; it's 24/7, it never leaves you.

“I've known for about two-and-a-half weeks. I got a call from Peter Graham, our chairman.

“We had been talking to Ivan about extending his time after 2027; we knew there were players to talk with after that, but Ivan was out first cab off the ranks.

“The chairman called me and said Ivan wanted to have a meeting with everyone. We went to the meeting, but before we did, I said to Peter Graham – What's Ivan doing?

“He said, ‘I'll let Ivan tell you that.”

Alexander admitted he left the conversation convinced Cleary was staying at the club, with the thought of him leaving never seriously crossing his mind.

“I went home not knowing what he was doing with many things running through my head, I thought surely he isn't signing with another club,” he shared.

“I was trying to piece things together from previous meetings, his body language, etc., etc., I was wracking my brain for an answer.

“When Ivan said I'm leaving Penrith, I nearly fell off my chair because I was convinced he was staying. I was convinced the only thing that could be was that he was staying. It took me back, and I lost a bit of my breath because it was a real shock.

“He then explained why, and it made sense.”

According to Alexander, lifestyle was ultimately the deciding factor behind Cleary's shock exit from coaching.

“Lifestyle was the big reason. Being tied down to the job for a long period – he's done it 20 years - It's not a normal job, it's with you all the time, and he just wanted that freedom,” he said.

“He told me that it's time to do something different in life, and how many people get to make that decision without being pushed out?

“It's a very unique situation.”

Alexander said once Cleary informed the board of his decision, attention immediately turned towards finding the club's next head coach and creating a succession plan, with former Panthers player and current assistant coach Peter Wallace quickly emerging as the preferred option.

“We spoke, then the rest of the board was informed, and then we had to figure out who was the next coach,” Alexander said.

“It took about a day (to choose Peter Wallace as the next head coach). The board came to that decision. Ivan spoke about Peter Wallace, but it was the board that had to make that call.

“Sometimes ignorance is bliss. I spoke to a journo, and I said you want to get out there (to the club for the press conference).

“People thought he was staying or leaving after we sent that out yesterday. If the Chairman and the CEO are calling a presser, it's one of two things. He is staying or leaving.”

Despite the shock surrounding Cleary's departure, Alexander praised both the club and the incoming coach for how the transition had been handled.

“I think the board and the club handled this as well as it could be handled. Ivan was honest and well done, Peter Wallace, who will be an outstanding coach,” Alexander said.

The succession plan is a unique situation in the NRL, with most coaching roles not being given this much notice.

With Peter Wallace locked in for 2028 and Ivan Cleary remaining at the club in an advisory role, all eyes will now be on how the Panthers navigate one of the most significant transitions in the club's history as they look to maintain the dynasty Cleary senior built.