USC President Carol Folt to retire at the end of the academic year

LOS ANGELES (KABC) -- USC President Carol Folt announced she will be stepping down from her position at the end of the academic year.

Folt, who served as the twelfth president of the university, said in a statement Friday that she will retire on July 1, 2025. She did not provide a reason for her decision.

"Working with so many of you to achieve the promise of our incredible Trojan Family brings me joy and inspiration each day. After more than twenty years of leadership at three great universities, however, I am excited to embrace the freedom that comes with a next big leap, and to pass the baton to the next president who will be able to build upon our accomplishments and create a new chapter for this extraordinary institution," her statement read.

The announcement comes after some deep criticism over Folt's handling of the pro-Palestinian demonstrations on campus during the spring semester. Earlier this year, USC extended Folt's contract but did not specify the length of the new contract.

The announcement also comes amid reporting from the Los Angeles Times that the university "for years admitted children of donors, potential donors and other prominent people through a role intended for top-tier sports recruits." The newspaper reported Mater Dei High School in Santa Ana sent students, children of donors and potential donors, through the athletic department that never played for USC.

DEVELOPING: We will add more details to this report as they become available.