(CN) — University of Louisville trustees accepted the resignation Wednesday of embattled President James Ramsey after a string of scandals at the school.
Ramsey's fate was sealed at a special meeting of the university board. After six hours of closed-door deliberations, the board announced the departing university president will be paid $690,000 and that he has agreed not to sue the school.
Ramsey served as president for 14 years and enjoyed solid successes, including raising academic standards and championing its evolution into being a distinguished research institution.
However, Ramsey came under fire in recent years after a series of embezzlement scandals, an FBI investigation of top university officials for alleged misuse of federal money, and an NCAA investigation into whether a university employee paid women to strip and have sex with basketball players.
The latter controversy came to a head in October 2015, after an escort named Katina Powell released the book "Breaking Cardinal Rules" that alleged a basketball team employee hired her and other dancers to entertain players and recruits at sex parties.
As a result of the fallout from those claims, Ramsey in February announced the team would not play in post-season tournaments.
That was the last straw for many professors and donors who said the controversies where hurting the school. Ramsey vowed not to resign, even after a group of university trustees tried to hold a no-confidence vote and oust him last spring.
That board was disbanded by Kentucky Gov. Matt Bevin in June.
Ramsey then informed the governor that he'd be willing to resign to the newly appointed university board, and that set negotiations for his departure in motion.
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