CHARLESTON, W.Va. -- The president of West Virginia University's nonprofit fundraising arm plans to step down at the end of the year.
R. Wayne King, president and CEO of WVU Foundation Inc., is leaving after heading the organization for the past six years. Foundation board members decided not to renew King's contract, which expires June 30.
"It was a mutual decision," said Bob Reynolds, the foundation's president.
Board members wanted someone to lead the foundation's ongoing fundraising campaign through the end of 2015, but King didn't want to stay on the job until then, Reynolds said.
The foundation started the campaign in 2007. More than $600 million has been raised so far. The university has set a goal to receive $750 million in private donations by December 2015 through its "State of Minds" campaign.
"Wayne has done a great job for the foundation," Reynolds said. "I cannot say enough good things about him. He is leaving the foundation in great shape."
King, 66, broke the news about his departure at a WVU Foundation staff meeting Thursday. He was out of the office Friday and unavailable for comment, according to a spokesman.
Foundation members are conducting a national search for King's replacement. The group has hired a consulting firm to assist with the search.