He said: "I am disappointed that the incompetence and poor management of the board...have meant that the most successful coach in the history of the club has been forced to leave."
According to Valencia director general Manuel Llorente, however, the club did all they could to keep the man who led them to a memorable league title and UEFA Cup double this season.
Llorente said: "We have done all we can for a long time for him to be happy and continue. It has not been a question about money or contract length.
"People take their own decisions. It is Benitez who has decided on his own to take this decision."