University of North Carolina-Chapel Hill Chancellor Holden Thorp will resign at the end of the 2012-13 academic year, he announced Monday.
Thorp has served as chancellor since 2008 -- a rocky time featuring several scandals at the Chapel Hill campus.
"I will always do what is best for this university," Thorp said in a statement Monday. "This wasn't an easy decision personally. But when I thought about the university and how important it's been to me, to North Carolinians and to hundreds of thousands of alumni, my answer became clear."
Thorp addressed the UNC Board of Governors in a closed-door meeting Friday, addressing one of the latest scandals to hit the campus.
Last week, Vice Chancellor for Advancement Matt Kupec and Tami Hansbrough, a major gifts officer at UNC-Chapel Hill and the mother of former Tar Heels basketball star Tyler Hansbrough, resigned from their jobs under suspicion of improper travel spending.
Thorp ordered an internal audit of the travels by Kupec and Tami Hansbrough after finding evidence that some of the 28 fundraising trips they took together since 2010 might have been "personally driven."
Kupec and Hansbrough were in a romantic relationship, according to the News & Observer. Matt Kupec, North Carolina's vice chancellor for university advancement and one of the school's top fundraisers, resigned in the wake of that scandal earlier this month.
The UNC Board initially reported on Friday they would not be taking action against Thorp. It appears now they arranged for Thorp to bow out at the end of the school year.
Meanwhile, The Daily Tar Heel reported on another scandal hitting the campus this week. The judicial arm of the University’s Interfraternity Council is investigating nine reports of hazing at UNC fraternity chapters.