Butcher edged one step closer to taking over at Hibernian this afternoon when the two clubs agreed compensation for both Butcher and his assistant Maurice Malpas to fill the vacant role at Easter Road Stadium.
"It is a major disappointment to the club and its supporters that they have taken this decision," Cameron told Inverness's official website.
"I'd like to put on record our appreciation of the excellent job they have done at Inverness since Caley Thistle provided them with the opportunity to join the club in January 2009.
"Maurice was offered the manager's role but declined. We would, however, like to record our sincere appreciation to him for taking the team on Saturday in what was a resounding victory."