"I've gone out of my way in my statement to shareholders to pay tribute to Gordon Strachan," said Reid.
"It is worth reflecting that only two managers have won three league championships in a row for Celtic in our 120-year history, the most recent of them being Jock Stein who did it 40 years ago.
"For Gordon to have won the title two seasons in a row and now have everything to play for in this season's championship, as well as winning cups and reaching the last 16 of the Champions League twice, is a pretty creditable performance by any standards."
"He's been fantastic," said Lawwell. "He takes enormous credit for his achievements on the football side and also his understanding of what has to be done off the field.
"He takes enormous credit for being part of the delivery of these figures.
"He's still on the same (rolling) contract that he came in on when he started and he's delighted with that, as we are.
"What the profits that we've made in the last couple of years allow us to do is reinvest in the football squad, which we did last summer and we did in January.
"We've got a track record now of reinvesting what we earn and that is something that we would hope to continue to do within this financial performance.
"The board's commitment has always been to maintain and improve the quality of the squad. I think we've done that."