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Howard University President Retires

Credit: Howard University

After five years at the helm, Howard University President Sidney A. Ribeau resigned on Tuesday following months of debate concerning management and finances at D.C.’s historically Black university.

The announcement followed a three-day Board of Trustees meeting that ended Saturday, according to The Washington Post.

Ribeau’s retirement becomes effective at the end of December and the 65-year-old president insists he wasn’t forced out. This summer, he signed a contract extension through June 2015.

According to the university’s federal tax return, Ribeau earned $759,340 in total compensation in the fiscal year that ended in June 2012. No word yet on what Howard will pay to buy out his contract, the Post says.

The prestigious university recently slipped in a major national ranking and downgraded its credit rating a year after enrollment dropped 5 percent.

In a letter to the Howard University community dated October 1, Ribeau said serving as the 16th president of the university was the “opportunity of a lifetime.”