The longtime leader of La Salle University in Philadelphia will be leaving the institution.
President Michael McGinniss says he'll step down at the end of his third term in May 2014. By that time, he will have led the private Catholic school for 15 years.
McGinniss said in a statement Tuesday that while he is proud of his work at La Salle, it seems like the right time to leave.
University officials credit McGinniss with increasing the university's endowment from $42 million to more than $79 million.
In addition, enrollment has grown 14 percent over the past decade. La Salle now serves about 7,300 undergraduate and graduate students.
School officials say a search committee will begin working this summer to find a replacement.