Jun 01, 2016 07:09 AM EDT By Anita Valencia, UniversityHerald Reporter

University of Akron President, Scott L. Scarborough will step down from his position after some financial decisions that become controversies. The Board of Trustees released an official statement that stated his plan to move forward.

The announcement stated that new leadership is 'needed to achieve sustained success in the future'. Furthermore, the Board will also research and decide new president that possesses experience and qualities necessary to lead the university, the university's Newsroom reported.

It seems that the Board of Trustees' statement encouraged Scarborough to resign, Huffington Post reported. Scarborough announced his resignation and stated that change is necessary in the ever changing 'environment of higher education'. The statement also mentioned about the challenges he faced when he first came into the university.

Dr. Scarborough has led the Ohio school since 2014. During the time, the school experienced $60 million financial deficit. Scarborough made a financial decision, which according to the faculty members, are making the school in worse condition. A survey by the Akron-AAUP recorded 89 percent of the faculty members are doubtful of the University's strategic planning and budgeting process. 89 percent of the respondents also feel 'not confident that President Scarborough is leading the university in a positive direction', Akron-AAUP reported.

The university's moves being criticized include the lay-off of 200 faculty members after $40 million financial deficit. Some of the employees were cut off immediately and some others have at least 6 months before the lay-off.

The deficit also affected the tuition fees. After making some elimination due to the tight budget, the president's house renovation also made a controversy after a purchase of $556 olive jar and paid designer to redecorate the home, NBC4i reported. Other university expenditure include tables and chairs with a total expenditure of $140,000.

Provost Rex Ramsier will temporarily take the seat until a chosen name for university president is announced.

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