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PHOENIX -- University of Phoenix announced Wednesday in a press release that President Bill Pepicello will be retiring.

He will remain in the position until the university's board of trustees is able to find a replacement. The for-profit college has already begun its search.

Pepicello, 64, has worked for University of Phoenix -- which has locations in 38 states as well as Puerto Rico and the District of Columbia -- since 1995 and has been its president for the last seven years. His career in higher education includes professor and administrative posts at University of Delaware, Temple University, National University and Argosy University.

He is also a board member for several organizations, such as the Banner Health Foundation and Greater Phoenix Economic Council, and has not said if he will be stepping down from those duties as he enters retirement.

KTAR Newsroom,

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