University of Louisville trustees accepted the resignation of embattled President James Ramsey, whose long tenure was dogged by scandal.
The action at a special meeting of the school's board signaled the end of an era. Ramsey, a former state budget director, has led the university for 14 years.
After six hours of closed-door deliberations, the board announced late Wednesday that Ramsey will be paid $690,000 and will resign immediately, with an agreement not to sue the school.
Ramsey was credited with raising academic standards and boosting the school from a commuter campus to a distinguished research institution. But he came under increasing fire for embezzlement...