Werner said they had made a tough decision to remove a man who is held in such high esteem at Anfield following his exploits as a player and manager in his previous spell in charge.
He acknowledged the effect the 61-year-old had had in putting things on a more even keel after a disastrous six months under Roy Hodgson but felt a change was required.
"Kenny came into the club as manager at our request at a time when Liverpool Football Club really needed him," he said.
"He didn't ask to be manager; he was asked to assume the role. He did so because he knew the club needed him.
"He did more than anyone else to stabilise Liverpool over the past year and a half and to get us once again looking forward.
"We owe him a great debt of gratitude.
"However, results in the Premier League have been disappointing and we believe to build on the progress that has already been made, we need to make a change.
"We are committed to delivering success for our supporters and our ambition remains resolute to return this great club to the elite of England and Europe, where it belongs."