Turner remained chairman, director of football and majority shareholder of Hereford United until the end of the 2009–2010 season. His time in charge saw him stabilise the club's finances, turning a profit for the last six seasons,. In his near 14 season spell at Hereford he purchased just three players: Neil Grayson (£20,000 in 1997), Ben Smith (£20,000 in 2007) and Matt Done (undisclosed in 2008) although Toumani Diagouraga arrived on a permanent transfer as part of the sale of Lionel Ainsworth to Watford. On 8 March 2010 Hereford United announced that they had sacked John Trewick with Turner taking the reins on a temporary basis.
On 16 April 2010 Turner stated that he and co-chairperson Joan Fennessy would sell their shares in the club, stating that the club needs fresh impetus to take it forward. His subsequent decision to return to Shrewsbury Town seems to have influenced his decision.
On 11 June 2010, Turner was announced as the new Shrewsbury Town manager, returning 26 years after he originally left. Turner agreed a three-year-deal as manager, and will have the option of an extra year as director of football. His first season back at Shrewsbury Town was during the 2010–2011 season saw them finish just below automatic promotion in fourth place, this meant that Town had to play a two legged play-off semi final against Torquay United in which they lost 2–0 on aggregate. The following season saw an even greater improvement guiding Shrewsbury Town to a runners-up spot and automatic promotion to League One. The club set a record number of points and for the second time in Turner's career he led Shrewsbury Town unbeaten at home throughout a whole season 33 years after the first achievement.
In October 2010, Graham received an award from the City of Hereford giving him Freedom of the city.