The embattled former president of the University of Louisville stepped down Friday from his second job as president of the university’s foundation.
James Ramsey said in a letter distributed by the foundation board that he voluntarily resigned as university president — “although my contract allowed me to stay in that position until 2020” — because he and his wife have been considering retirement for some time. Ramsey stepped down in June via a $690,000 buyout but signaled no intentions to leave his foundation role.
The letter stated that Ramsey would also leave his foundation role to pursue retirement on a date convenient to the board, “no later than Jan. 1, 2017,” but board chairman Bob Hughes said the resignation is effective Friday — and with no additional payments.
Ramsey’s resignation and a few other actions are enough to hold off any lawsuit for now, said U of L board chair Larry Benz. Benz had threatened to file suit against the foundation for withholding records he sought but laid out a “pathway to restored confidence” he said would prevent that lawsuit.
The foundation board didn’t take all the necessary steps but they are at least “on the path,” Benz said.
Hughes also relinquished his chairmanship to Brucie Moore, a decision made after the board’s nominating committee met in executive session for more than two hours.
Moore said Ramsey’s resignation will allow the foundation to “continue our upward trajectory.”
“My goal is to bring back the confidence to the foundation for all the stakeholders,” said Moore. “I think we are taking the first step to do that today.”