Former Carlisle and Shrewsbury manager Simpson arrived at Edgeley Park in July last year, after the Hatters were relegated from League One and Gary Ablett departed as boss.
Upon his appointment, the 44-year-old hailed the prospect of a new era at Stockport, following the takeover earlier that year by the 2015 Group after a period in administration, but he has been candid in recent weeks in warning that the club faced a relegation fight.
The club statement also said that following discussions between the board and Ward, "supporters can look forward to four or five new players arriving in January".
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