Neil Theobald resigns as Temple University president

PHILADELPHIA (WPVI) -- Temple University's board of trustees has reached a deal with Neil Theobald on his departure from the school, more than a week after it took a vote of no confidence in the president and announced its intention to dismiss him.

The board chairman said Thursday that the "mutual resolution" included Theobald's resignation after serving 3 years as president.

The action follows the removal of provost Hai-Lung Dai in June amid a $22 million financial aid shortfall.

The board had criticized Theobald's handling of Dai's removal and the deficit.

The board has approved chancellor Richard Englert to serve as acting president and law school dean JoAnne Epps to be Temple's executive vice president and provost.

Englert is a former provost who has previously served as acting president.