Harvard University has announced that Jay Light, the dean of its business school, will step down from the post next June.
Light said on Wednesday that the decision to retire was not an easy one, but that the timing felt right. He said the future holds "significant opportunities and exciting challenges" for Harvard Business School.
The 68-year-old Light was named dean of the 101-year-old school in April 2006, after former dean Kim Clark left to become president of Brigham Young University-Idaho.
The recession forced Light to scale back expenses at the business school. But he also formed a team of researchers to examine the causes of the global economic crisis.
Harvard president Dean Faust said Light has been an "exemplary leader." The university is beginning a search for a successor.