Moxey told reporters: "It's to differentiate the area of responsibilities that a manager has and that a head coach has.
"A manager often comes in and the interpretation is that he runs the whole club - and we think that in the modern day of dealing with the media, sponsors, recruitment, academy, the board etc, a guy can't be in three places at once. Too many managers try and be in three places at once and fail.
"He's still going to be the head football guy, he's still going to make decisions on who we bring in, who we get rid of, all of the normal traditional things you would expect him to do without actually being bogged down with some of the other stuff."
Wolves were relegated to League One after finishing 23rd in the Championship last season.