02/28/2012 02:15 pm ET Updated Apr 29, 2012

Julianne Malveaux, Renowned Economist, To Step Down As President Of Bennett College

Julianne Malveaux, the economist and writer, is stepping down in May from her post as president of historically black Bennett College in Greensboro, N.C.

"Five years is the longest time I’ve ever held a job inmy life," Malveaux said in a statement. "And while I remain committed to HBCUs and the compelling cause of access in higher education, I will actualize that commitment, now, in other arenas. I will miss Bennett College and will remain one of its most passionate advocates."

Malveaux, a prolific writer and a regular pundit on political shows, took over as Bennett's president in 2007, during a period of economic turmoil for the school.

The Commission on Colleges of the Southern Association of Colleges and Schools (SACS) which accredits colleges and university, placed Bennett on probation last year for "financial instability." Malveaux told Inside Higher Ed last year that the sanction was came amid a period of "unprecedented expansion," and she expressed disappointment that "in the midst of this phenomenal progress, SACS has chosen to place us on probation for several one-time occurrences that placed us in a difficult financial position in 2010."

She said the probation came after a major donor defaulted on a pledge in 2010.

Last year, local churches donated money to the struggling school, which is one of two all-women's historically black colleges. (Spelman College, in Atlanta, is the other.)

The SACS removed the college from probation in December.

CORRECTION: An earlier version of this article stated that Bennett College was 'troubled', but was in fact removed from probabtion in Dec 2011.