Van De Velde said the past five years have been both challenging and rewarding, with both surprises and setbacks.
"In 2000 when I took over the department we were in grave financial trouble," he said.
Van De Velde said he leaves the department with a $4.2 million reserve, corporate sponsors, television contracts, bowl agreements through the Big 12 and extensive marketing and fundraising contacts.
"Bruce leaves the athletic department in very good shape with a lot of optimism and confidence as we go forward," Geoffroy said.
Recruitment of a successor will begin immediately, Geoffroy said the University will appoint a search committee and hire a national consultant to assist the search. It will be a broad based, inclusive search with an aggressive timeline.
"I believe this position will attract a very strong pool of candidates," Geoffroy said.
Van De Velde said after looking at
his personal goals there wasn't much left for him to do at
"I think as I sat back and thought about it I just thought this is a great time to do this," Van De Velde said. "You want to leave when you're on top. I‘m ready for a new challenge; the turnaround here is complete."