Everton chairman Bill Kenwright says football has lost “a great leader and great man”.

Smith was in charge at Goodison Park for nearly four years and managed 168 matches after his appointment in summer 1998.

His tenure coincided with Kenwright completing a takeover of the club towards the end of 1999.

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"He was one of the very best people I was lucky enough to meet in my lifetime in football," Kenwright told evertonfc.com.

"A man of loyalty, integrity and great talent. Strong when he needed to be but with a mischievous sense of humour that could ease even the most tense situations.

“Walter and I shared a lot together during the takeover years but amongst many, many examples of real friendship, one will always stick out.

"We had just... tearfully... agreed his farewell to Goodison, when he slapped his hands together and said: ‘Okay Bill, who are we going to get to manage this great club of ours?’

“Even in a moment of real sadness, he refused to put himself first...one of the true attributes of a great leader. And that's exactly what Walter Smith was. A great leader. And a great man.

“I send my personal love to Ethel and the family and know that I will be joined by everyone at Everton Football Club in saluting a husband, a dad, a grandfather, and a legendary football manager.”

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BBC Scotland looks back at the most memorable matches of Walter Smith's career as manager with Rangers, Everton and Scotland.

Phil McNulty
BBC Sport chief football writer

Walter Smith’s time at Everton may ultimately be regarded as unfulfilling when measured in trophies but he provided stability and continuity in a time of trauma at Goodison Park while retaining dignity, decency and a wonderful sense of humour.

And, when his early days at Everton are reflected upon, there must also be a sense of what might have been.

When Smith rejected Sheffield Wednesday to join Everton in the summer of 1998 after leaving Rangers, his first moves in the transfer market showed his eye for an emerging player and his ability to attract the best.

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His first three pieces of business were to sign a young defender called Marco Materazzi from Perugia, who went on to become a World Cup winner with Italy in 2006, a little-known midfielder Olivier Dacourt from Strasbourg destined to become one of Europe’s finest operators at Leeds United and Inter Milan then John Collins from Monaco.

Scotland midfield man Collins was in demand by numerous top clubs in the Premier League and beyond as he was available on a free transfer from Monaco but he chose Everton, a somewhat unlikely choice at the time, because of his respect for Smith.

This was what Smith wanted, the standards and level of ambition he wanted to set.

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It was all undermined within months when Everton ran into financial strife and the talisman Duncan Ferguson was sold to Newcastle United without his knowledge. He could have walked out to protect his reputation but stayed on, much to the admiration of Everton fans, and it was owner Peter Johnson who left.

As Everton languished in limbo, Dacourt and Materazzi left after only one season as Smith was forced to rein back on his big plans.

This turned Smith’s task at Everton into a holding operation as ownership switched from Johnson to Bill Kenwright and the club went through a transitional period when cash was tight.

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Even then, Smith was a shrewd operator, bringing in the likes of Thomas Gravesen, David Weir, Tomasz Radzinski, Lee Carsley, Alan Stubbs and Kevin Campbell, who all went on to serve his predecessor David Moyes so well.

On a personal level, Smith will be remembered a complete gentleman with a wonderfully dry Scottish sense of humour that made him a hugely popular figure with the media on Merseyside, available day and night and someone who took praise but also accepted constructive criticism.

It was also Smith who provided a memorable 1-0 win against Liverpool at Anfield in September 1999, a feat none of his successors could repeat until Carlo Ancelotti oversaw a 2-0 triumph there in February 2021.

Smith may not have brought silverware to Everton but the importance of how he held the club together in a very troubled time of change must never be under-estimated and he will be sadly missed by all of us who had the pleasure to get to know him personally and deal with him professionally.

Stu: Very sad news. One of the legends in Scottish football. RIP, Walter.

Mr Blue Sky: I met Walter up in the Hilton hotel in Dundee when Rangers were playing Dundee United. The whole Rangers team was staying in the hotel and I don’t think Walter stopped having his photo taken with supporters all night long, what a lovely man. RIP Mr Smith

Former Rangers and Scotland manager Alex McLeish said he was devastated by the news of Walter Smith's passing.

"My thoughts are with Walter's wife Ethel, his sons Neil and Steven, and the whole family," McLeish said.

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"Walter was a great mentor to me in my coaching career and someone I learned a great deal from. But more importantly, he was a great friend and I always looked forward to being in his company.

"He is a true legend of the football world. On behalf of my family, we shall miss him dearly."

Murdoch MacLennan, chairman of the SPFL, said: “Walter Smith represented all that was good about our game.

“He was universally admired and respected, and with very good reason. His career ranks among the greatest ever in Scottish football’s long and illustrious history.

"Of course, Rangers fans hold him in the utmost regard for his long and proud association with their club, but Scottish football in its widest sense owes Walter an enormous debt of gratitude.

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"He was a true football man and he will be sorely missed by his many, many friends across the game.

“Our thoughts and prayers go out to his family at this very difficult time.”

Michael Stewart
Former Hearts midfielder

Little Sam: Sad day, a fantastic football man, had such respect for Walter, my thoughts go out to his family and friends, God bless.

Amit Champaneri: Such sad news - a genuine football legend has left us but Walter’s legacy will inspire others forever... RIP.

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Roy Andrew: Walter Smith always came across as a really decent bloke and that's more important than football rivalries.

SCFC Mick: Met Walter at a reserve team game when I was working at Stoke City - he was lovely bloke, I was a lowly member of the office team yet he spoke to me about players and was totally up for engaging in a chat.

Scottish Premier League chief executive Neil Doncaster said: "This is terrible news for Walter’s family and friends, and also for everyone associated with Scottish football.

"Walter was a true giant of the game with an unparalleled reputation for integrity and character.

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"It was a great privilege to have met with him many times in the Blue Room at Ibrox and at grounds the length and breadth of the country during his long and illustrious career with Rangers.

"It was therefore no surprise to find, during his time on the Rangers board, that his contributions to our various discussions were hugely insightful, cogent and grounded in common sense for the betterment of the wider game.

"He will be sadly, sadly missed. but his achievements across the decades - from his time with Dundee United, Scotland, and, of course, Rangers serve as a fitting legacy for one of the true giants of our game.”

John Bones: Walter was a fans' legend. Every home game he would be out the front at Ibrox meeting the fans. He has been taken too soon. RIP Mr Smith G.B.N.F.

Alister Laidlaw: RIP Walter, a good manager.

Former Rangers striker Ally McCoist has given a moving tribute to his former manager and friend, Walter Smith.

“He means everything to a lot of folk,” an emotional McCoist told Talksport.

“He was my boss, my coach, my second father and then turned into one of my best friends. The loss is absolutely incredible.

“The good thing is he’s not in pain. I went to see Walter recently, I spoke to him at the weekend and we knew that it would be a matter of time.

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“But it still doesn't take away the pain and the grief.

“I could sit here and tell you about Walter Smith until the cows come home, but what I will say he was the best husband, father friend, everything you want from a man.

“I can’t tell you how devastated I am.”