The University of Louisville is officially looking for a new President.
The school's Board of Trustees accepted the resignation of President Dr. James Ramsey after a closed-door meeting for more than six hours that included negotiations with Ramsey.
The board announced the news just before 11 p.m. on Wednesday night, noting the resignation was effective immediately. Ramsey will be paid $690,000 - the equivalent of nearly two years of his university salary - with an agreement not to sue the school.
Ramsey was the 17th president of the university and has held the position for 14 years.
Junior Bridgeman, the chair of the Board of Trustees, told the media after the meeting that the board rejected Ramsey's proposal to serve for up to one year as interim president with his current salary. He had a contract through 2020.
Provost Neville Pinto will lead the university until a new president is selected. The board did vote to begin the search process for a new president, while Bridgeman didn't say how long the process could take.