Texas Tech begins a search for its fifteenth president.
President Jon Whitmore announced his resignation Friday afternoon.
Whitmore took office back in 2003, and committed to serving at Tech for 5 years.
Now, he says he has accomplished everything for which he was hired, and it's time to pass the baton to someone else.
Whitmore will step down January 31, 2009, or whenever a new president is chosen.
According to an agreement between Whitmore and the university, he will be paid an annual salary of $378,144 until April of 2009.
He will also keep benefits including housing allowance, car allowance, and his Lubbock Country Club membership until the new president is chosen.
"Texas Tech is grateful for Jon's may contributions to the university and we wish him the best in years to come," said Chancellor Kent Hance.
"We will begin a presidential search immediately but remain on task with the goals of the university."
Whitmore plans to return to the faculty as a professor of theater history.
There's been some speculation that this resignation has something to do with Tech's accreditation problems from last year, but no one has gone on record to say that's the case.