It was joy—joy unbounded—that I felt when Hays opened the door on the most exciting years of our lives. My feelings today are more complicated. Yet, just as there is a time for beginning, there is a time for ending. For me, that time has come. I have delivered to the Rector a letter informing her that I wish to conclude my service as President of the College on June 30 of next year.

I shall always be grateful to those whose faith in me made possible the singular honor of leading this wondrous place. I will never forget the thousands of alumni and friends who have helped and encouraged me in more ways than I can count. I wish I could thank every one of you personally— but —believe me, I know who you are.

It is for others and for history to judge the quality of my service. I do know this—my constant aim has been to protect and to enhance our College’s most fundamental interests. I also know that in almost every respect, William and Mary is a stronger university than it was when I became President. I am proud of what has been achieved in the last twelve years. That success is due almost entirely to the devotion of a brilliant faculty, the exceptional commitment of our staff and the inspirational impact of a student body that has no peer. I wish particularly to pay tribute to our academic and administrative leadership team. Never in my long association with this College has William and Mary been blessed with leaders of such uniform excellence. I owe every one of them a debt that can never be repaid.

My wife, Anne, has been as much a part of this College’s leadership team as any provost or vice-president or academic dean. She is a lady of extraordinary talent whose shrewd judgment, giving heart and inexhaustible energy have served this College better than it will ever know. My love and admiration for her are limitless.

Anne and I together will be seeking yet one more adventure. Neither of us is quite sure what that means, but we look forward with confidence and enthusiasm to a life of new challenges and opportunities.

I have one more year to serve as your President. I intend to take full advantage of that time to advance the College’s highest priorities—which include maintaining the momentum of the Campaign for William and Mary, changing our relationship with Richmond and working to make more excellent William and Mary’s core educational programs. The phrase “lame duck” is not in my vocabulary.

This has not been an easy decision, but I know that it is the right one both for the College and for Anne and me. Transitions are difficult, especially when they alter relationships rooted in deep love and profound commitment. Yet we all know that change is essential if great institutions are to remain great. William and Mary is a great university. It must remain so. While it is very hard for me to say, I know that the time has come when the best way I can serve William and Mary is to leave it.

Thank you all for coming. Your presence means more to me—and to Anne—than I can say.