University of Texas at Austin President Bill Powers will likely keep his job until 2015, according to a statement from the head of the UT System, Chancellor Francisco Cigarroa.

Last week, word leaked that Cigarroa had asked President Powers to offer his resignation before a Thursday meeting of the UT Board of Regents or be fired. Cigarroa had suggested he leave in October of this year.

Powers sent a letter in response, offering to stay on until June 2, 2015 so he can see through some of the long-term initiatives he’s started. Cigarroa accepted that offer this afternoon. Powers has led UT’s flagship university since 2006, but has often found himself at odds with the governor-appointed regents. Cigarroa has described his own relationship with Powers as “fractured” and lacking trust.

Cigarroa says the UT Board of Regents will start searching for Powers’ replacement next month. That process will include faculty, students and at least two current presidents of other UT campuses, along with at least one member of the Board of Regents. The Board of Regents was expected to consider Powers’ employment at a meeting scheduled for Thursday.

One member, UT Regent Wallace Hall, is under investigation from a legislative committee for what some have called a witch hunt to oust Powers.

You can read Cigarroa’s full response below.

Statement from Chancellor Francisco G. Cigarroa, M.D. regarding UT Austin President Bill Powers

Today UT Austin President Bill Powers submitted a letter of resignation, effective June 2, 2015, and I have accepted it.

President Powers, who has led great advancements for the University, has expressed a desire to remain in his position long enough to complete several important initiatives, lead the University through the upcoming legislative session, and allow for a smooth transition to new leadership. I honor his commitment to UT Austin and agree that this is the best course forward.

Next month, Board of Regents Chairman Paul Foster plans to initiate an exhaustive national search process that will utilize a search advisory committee to assist in the selection of UT Austin’s next president. The committee will include representation of faculty, deans, students and community representatives of the University, as well as at least two current presidents from UT institutions and at least one member of the Board of Regents.

There is no doubt that UT Austin is the crown jewel of public higher education in Texas. As chancellor, I have done everything in my power to provide UT Austin with the resources it needs to reach even higher vistas, to ultimately achieve its goal to be recognized as the finest public research university in America. I believe that is a goal well within our sights.

President Powers is an admired leader who, as I’ve said before, has advanced the University in many ways. He is concluding a record-breaking $3 billion capital campaign, has worked with the UT System and the Board of Regents in the past year to establish the Dell Medical School and to launch construction of a $310 million Engineering Education and Research Center – which together will be a major catalyst for UT Austin to achieve the ranking and recognition it deserves – and he has earned the reputation as a national leader in higher education.

It is, however, time for an orderly change in leadership. While ultimately productive, the past years have not been without struggle and, at times, conflict and controversy. There was no single incident that prompted my decision to ask President Powers for his resignation last week, but a long history of issues with communication, responsiveness and a willingness to collaborate.

I truly believe that it is time for a fresh start and a chance to build a strong relationship. We will all be successful if we keep the future of UT in our hearts and minds. I sincerely thank the UT Austin faculty, students, staff and the UT System’s Faculty Advisory Council for their important input over the past week.