Following a lengthy closed doors session, the U of L Board of Trustees accepted the resignation of President James Ramsey Wednesday night, immediately putting an end to his 14-year tenure in charge of the school.
Ramsey will be paid $690,000 to resign immediately, a deal which comes with an agreement that he will bring no legal action against U of L. There was no word on whether or not Ramsey's position as the president of the U of L Foundation will be altered in any way.
University Provost Neville Pinto, who is on vacation, will serve as the school's temporary leader until a new president is selected, a process which has reportedly already begun.