UPDATE: Gov. McDonnell issues statement on UVA president stepping down

CHARLOTTESVILLE, Va. (AP) - University of Virginia President Teresa A. Sullivan is stepping down as president.

The announcement was made Sunday by Sullivan and the Board of Visitors of the Charlottesville university. The board said Sullivan and trustees "mutually agreed" she would leave effective Aug. 15.

Sullivan said in a statement that while she and the board have "philosophical differences," she treasures her time at U.Va.

Sullivan became U.Va.'s eighth president in 2010. She succeeded John Casteen, who retired after nearly 20 years.

Sullivan was the first woman to lead U.Va., which didn't become fully coeducational until 1970.

The board said it had discussions over the past year with Sullivan about developing, articulating and acting on a "clear and concrete strategic vision."

The board said it would move swiftly to name an interim president.

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RICHMOND, VA (WWBT) - Sunday afternoon, Governor Bob McDonnell issued a statement following the announcement UVA President Teresa Sullivan is stepping down, effective August 15:

"I want to thank Dr. Teresa Sullivan for her leadership of the University of Virginia over the past two years. Serving as the President of Mr. Jefferson's University is a tremendous responsibility and she has fulfilled her duties with honor, energy and good stewardship. In addition, President Sullivan has been a great partner with our Administration in our efforts to increase access and affordability at Virginia's colleges and universities. Through her leadership, Virginia added nearly 1,000 new student slots and recently enacted the lowest yearly tuition increase in over a decade. Having the University of Virginia play such a leading role in higher education reform was immensely helpful in ensuring that this work to expand access and affordability all across our higher education system would be successful and broadly embraced by all state institutions.

Since its founding in 1819, the University has played a seminal role in higher education in America. Thomas Jefferson's vision lives on today as the University is a modern, diverse and globally-recognized educational landmark. I have great confidence that the Board of Visitors will conduct a thorough and diligent search for the next President of the University and will find the right individual for this prestigious and pivotal post. The University of Virginia has always enjoyed world-class leadership befitting the school's place in academia, and I am sure that will continue to be the case in the years ahead."

Stay with NBC12 for updates on this developing story.

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