Moores, the former Red Rose coach, is now in charge of Nottinghamshire, the county all-rounder Wood opted to leave ahead of this summer.
Wood signed a three-year contract at Emirates Old Trafford last August, though the 24-year-old is yet to debut for his new county.
Of the left-arm seamer and left-handed batsman, Moores said: “It was disappointing to lose Luke - a local lad coming through.
“He’s a really nice lad who’s very committed and is a very good player.
“It’s always frustrating to lose an emerging player who’s just starting to come out of the period of inconsistency when they’re learning. So Lancashire have got a good a player at a good time.”
Moores continued: “Luke’s someone with a lot of pace and good skills and is a dangerous lower order batter.
“Yes, we were disappointed to lose him, but you can’t be upset with a player who believes a move is best for him. We wish him well.
“It will be exciting for him. It will be different being at Lancashire because it’s a different sort of club, having experienced both myself. But Lancashire is definitely a great club - no doubt about that.”
The path between Old Trafford and Trent Bridge and vice versa was a well trodden one over the winter, with opening batsman Haseeb Hameed heading in the other direction.
But while Wood made the journey to the North West as a player on the up, Hameed went to the East Midlands, having been released by Lancashire following only one first-class century since playing three Test matches for England - at the age of 19 - in late 2016.
Hameed signed a two-year deal with his new county in November, and Moores is delighted to have him.
He said: “Haseeb has fitted in really well. As a club, Nottinghamshire feels like a good fit for him.
“He is someone who wants to master his craft. He loves the game and loves batting, and we embrace that. We want to help him work through things and find a way.
“For most players, you are trying to find the simplicity you had at the start (of your career), which is often watch the ball and play it.
“As soon as you get into the game, the more you try and explore things. And that’s when it can become more complicated.
“You definitely learn, of course, but you can also become slightly less consistent because of the different things you come across. I think that is what’s happened to Haseeb.
“He is hopefully getting to the point where he’s had some tough years to go through after a really prolific spell but is now starting to get back to the things he does really well. Those are watching the ball hard, using his soft hands and accumulating runs.
“Those are all the things you need to be a successful longer format player.
“We have a lot of young players in our squad, and he’s got the chance to be a part of that and emerge over the next few years to play well for his county and country.”
Like Wood, Hameed’s debut has been delayed by Coronavirus - a definite frustration. But Moores says the Boltonian has at least been able to find positives out of the situation, something the ex-England coach has praised all of his Nottinghamshire players for doing.
Moores added: “The majority of the county guys are different to the international guys. They’ve had a long time waiting to play since last September. So it’s a much more frustrating feel for them and tough to take. It’s very hard.
“Haseeb is definitely ready to play, but there is a pat on the back for him and all our guys from me for getting stuck into some other things that they enjoy.
“He has enjoyed Ramadan at home with his family. That’s something he wouldn’t normally get the chance to do because he would be playing.
“We’ve also had the chance to set Zoom up and talk cricket, which is something we both love to do.”
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