JACKSON, Tenn. (AP) -- After 15 years, the president of Bethel University is stepping down.
Robert Prosser says his retirement will be effect on July 31. The school's director of financial affairs, Walter Butler, will become interim president after Prosser's departure.
Bethel University board of trustees Chairman Ben Cantrell says Prosser "defined the term The Entrepreneurial President." He said Bethel changed from a small liberal arts college to a vibrant university under Prosser's leadership.
The recent announcement comes as the school faces concerns about its finances. It laid off 19 workers during the 2012-13 school year and has operated with a deficit for two years though Butler has said it won't have a deficit when the current fiscal year ends later this summer.