The Australian international has agreed a deal with MLS club New York Red Bull where he will be unveiled on Monday and Kenwright wanted to take the time to thank the attacking midfielder for his eight years of service at Goodison Park.
"We accepted this offer for Tim with a heavy heart but it is a great way for him to end his Everton career," Kenwright told the club's official website.
"The transfer salutes Tim's unswerving commitment to our cause over the last eight years and also respects his desire never to play against Everton.
"On a personal level, I will miss the first-ever player that David and I went to see together, and the wide-eyed bundle of energy that walked into my office a short time later and told me that Everton was his destiny.
"And he now embarks on a new stage of his career with our heartfelt thanks, and of course our real best wishes for his future.