The president of the University of Michigan is stepping down.
Mary Sue Coleman officially announced her retirement today:
The University of Michigan deserves the best in a leader, and I want to give the Board ample time to select the next president. I am committed to working with the Board members to ensure a smooth leadership transition.
I am extremely proud of the work we have done, together, to make Michigan more vibrant, more accessible and more global. I fully anticipate the next 15 months will be like my previous 11 years - busy. I have often said I have the best job in higher education, and I look forward to continuing to work with faculty, students, staff and alumni in the upcoming year.
For months now, Coleman's been talking about her plans to leave next July, when her contract expires.
Maybe the best symbol of her 10-year legacy is an enormous dollar sign.
She set a new record for the school's fundraising: 3 billion dollars in one campaign.
You can thank the Coleman administration for a massive building spree, including the Mott's Children's Hospital and the business school.
But a lot of her time was also spent locking horns with the state legislature.
The state slashed 116 million dollars from the University's funding over the last 10 years.
Meanwhile, the school's tuition is rising.
Add in books, housing, and personal supplies, and the school estimates an in-state freshman will pay 25 thousand dollars a year.
