CHARLESTON, W.Va. -- The president of West Virginia University's nonprofit fundraising arm plans to step down at the end of the year.
R. Wayne King, president and CEO of WVU Foundation Inc., is leaving after heading the organization for the past six years. Foundation board members decided not to renew King's contract, which expires June 30.
"It was a mutual decision," said Bob Reynolds, the foundation's president.
Board members wanted someone to lead the foundation's ongoing fundraising campaign through the end of 2015, but King didn't want to stay on the job until then, Reynolds said.
The foundation started the campaign in 2007. More than $600 million has been raised so far. The university has set a goal to receive $750 million in private donations by December 2015 through its "State of Minds" campaign.
"Wayne has done a great job for the foundation," Reynolds said. "I cannot say enough good things about him. He is leaving the foundation in great shape."
King, 66, broke the news about his departure at a WVU Foundation staff meeting Thursday. He was out of the office Friday and unavailable for comment, according to a spokesman.
Foundation members are conducting a national search for King's replacement. The group has hired a consulting firm to assist with the search.
"We'd like to have someone with ties to West Virginia," Reynolds said.
King plans to stay on the job through Dec. 31.
"You never know about the timing of these things," Reynolds said. "We wanted to allow for enough time for the new person to come on board."
Reynolds said King's departure has "absolutely nothing" to do with Morgantown businessman John Raese's recent allegations about WVU Foundation's involvement in the purchase of scoreboards for Mylan Puskar Stadium and the WVU Coliseum in 2008.
The foundation gave WVU's athletics department a loan to purchase the scoreboards. Raese has asked the university to release records about the scoreboards, along with details about a pending third-tier media rights deal.
A 28-member board of directors oversees the foundation. King received a $279,530 salary and $343,731 in total compensation in 2010, according to WVU Foundation tax forms filed in 2011.
The members of the board of directors are: King, Gregory S. Babe, Susan S. Brewer, John B. Gianola, Peter J. Kalis, Pamela Maphis Larrick, Robert A. McMillan, Gary R. Pell (vice chairman), Robert R. Ruffolo Jr., Fred T. Tattersall, Alan J. Zuccari, W. Marston "Marty" Becker, Marcia A. Broughton (secretary), John C. Harmon, E.G. "Ken" Kendrick Jr., J. Franklin Long, Robert H. McNabb, Verl O. Purdy, Joan Corson Stamp (assistant secretary), Douglas R. Van Scoy, Irene C. Berger, James H. Chamberlain, Patrice A. Harris, William H. "Billy" McCartney Jr., Robert O. "Bob" Orders Jr., Robert L. Reynolds (chairman), Benjamin M. Statler and Kathryn M. "Mikki" Van Wyk.
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