University of Tennessee president John Petersen announced Wednesday at UT's Andy Holt Tower he will be resigning. He made the announcement after much speculation that the Board of Trustees was asking him to either resign or be terminated.

Petersen denied any trustee motivation to resign, and he said, "This was my choice."

This was my choice.

John Petersen,UT President

"You never know when there's exactly the right time to do something like that," he said, adding "I don't really think leadership positions should be for life."

Petersen served five years of his 10-year contract. When questioned about Petersen's short tenure as president, Vice Chairman of the trustees Jim Murphey said, "It is a 24-7-365 job, and it wears you out."

Former interim chancellor Jan Simek will step in as acting president when Petersen takes administrative leave March 1, and then Simek will become interim president after Petersen resigns June 30.

A 25-year professor at UT, Simek said, "My commitment is to the university."

Simek will act as interim President for up to two years, but he said he has no intention of being president afterward.

I don't really think leadership positions should be for life.
John Petersen, UT President

Simek said, "I'm an archaeologist and a teacher. Those are my commitments, that's why I came to the University of Tennessee."

When asked about a timeline for choosing a new president, Murphey said, "We're not setting any timelines; we're not soliciting any candidates.

"Our first priority is to deal with our current financial situation," he said.

Petersen will receive $400,000 as part of his severance package, a figure Murphey said the trustees were comfortable agreeing on. Simek will also receive $400,000 each year he serves as interim president, after which he will receive $300,000 a year as a faculty member in the UT anthropology department.