The Drumahoe outfit suffered a double blow at the weekend as they lost both their captain Stephen O’Donnell and manager Kevin Deery within the space of a few hours.
Deery’s two seasons with ‘Stute saw them narrowly miss out on promotion to the Danske Bank Premiership twice, losing to Ballinamallard and Carrick Rangers in a playoff, however in his first season in charge they did win the Intermediate Cup, beating Ards in the final, at Windsor Park.
The club looked to have acted swiftly to replace to former Derry City man with McLaughlin expected to take over the reins.
The former skipper, who captained Institute, was number two to Deery during his tw0-year spell at the club.
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Chairman Bill Anderson was grateful for Deery’s work over the last few seasons.
“The club would like to register their thanks to Kevin for all his hard work and commitment over the last two seasons,” admitted Anderson.
“Two great campaigns, two promotion playoffs and a lot of optimism about the future are Kevin’s legacy. For that we are eternally grateful and we wish him every success in the future.
“Discussions are ongoing with regard to the appointment of a new manager and details will be released as soon as those negotiations have been completed.”