Former Doncaster Rovers boss leaves his position at York City
The former Doncaster Rovers manager, 57, moved to take up a position as sporting director at York in 2017.
The following year, he was named on the board and placed in charge of the day-to-day running of the club as part of a four-man board, consisting of Steven Kilmartin, Ian McAndrew, Richard Adams and Penney.
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Hide AdFollowing the successful completion of the club's takeover earlier this summer, Penney remained at the club, but vacated his boardroom role.
A York statement read: "We would like to place on record our thanks to Dave for all his hard work and many achievements over the last four years.
"Since the takeover he has provided great support and advice to the new board of directors, both his professionalism and personal integrity will be missed by all connected with York City.
"We wish Dave all the best in his future career."