The 63-year-old McCormick tells The Star-Ledger of Newark that he will formally submit his resignation as Rutgers' 19th president on Tuesday in New Brunswick.
McCormick implemented a historic restructuring of the 57,000-student university but has also been criticized as lacking the charisma needed to lead the university.
He will leave his $550,000-a-year post in June and take a year-long paid sabbatical.
McCormick plans to return to the Rutgers faculty in 2013 as a history professor making $335,000 - one of the highest paid faculty on the campus.
McCormick says he is looking forward to spending more time with his wife and their adopted daughter, Katie, who is 16 months old.
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Information from: The Star-Ledger, http://www.nj.com/starledger
