Eric Kaler stepping down as University of Minnesota president next July

University of Minnesota President Eric Kaler announced Friday he will be stepping down from his position next July. 

"Quite simply, it is time," Kaler said in a statement. 

Kaler has served as president of the University of Minnesota system since 2011. He will leave his role at the end of his eighth year. 

Following his departure, Kaler says he plans to work as President Emeritus for one year to "continue the momentum on our $4 billion Driven campaign." He will then take a sabbatical before returning to the university to teach in the Department of Chemical Engineering and Materials Science. 

Kaler will hold a press conference regarding his decision at 2 p.m.