MADISON, Wis. (AP) — University of Wisconsin-Milwaukee Chancellor Mark Mone announced Wednesday that he plans to step down next year and transition to a teaching role as the UW system continues to struggle financially.

Mone said in a post on the social platform X that he will resign as leader of the Universities of Wisconsin’s second-largest campus effective July 1, 2025. He said he will move into a teaching role at the university’s business school.

He didn’t elaborate on why he has chosen to step down.

Asked for an explanation, UW-Milwaukee spokesperson Angelica Duria said in an email to The Associated Press that, “It was a deeply personal decision for Chancellor Mone and for him, it is the right time.”

Mone has served as chancellor at UW-Milwaukee since 2014. His decision to resign comes as the Universities of Wisconsin system is grappling with declining enrollment and relatively flat state aid.

Shrinking enrollment has forced UW officials to close or announce plans to close six two-year branch campuses around the state since 2023. Among those schools is UW-Milwaukee’s Waukesha campus, which is set to close after the spring 2025 semester.

Ten of the UW system’s 13 four-year universities faced deficits last year, with UW-Milwaukee facing the largest shortfall at $18.8 million.

The school announced plans this past January to sell the chancellor’s residence to help close a projected $18.8 million deficit. The residence remains on the market for $1.2 million, according to a Powers Realty Group listing. The school also has eliminated nearly 90 positions.

Financial data UW system officials presented to regents earlier this month show six universities face deficits over the coming academic year. UW-Milwaukee is expected to finish in the black.

Democratic Gov. Tony Evers has said he plans to ask the Legislature for $800 million for the system in his next budget, but if Republicans maintain control of both the Assembly and Senate in this fall’s elections it’s almost certain they won’t hand the system that much money.

Mone praised his administration in his statement for withstanding a global pandemic as well as managing budget cuts and enrollment “challenges.”

“Thanks to the steadfast work of my predecessors, administrators and our dedicated faculty, staff and students, we have achieved far more than what the dwindling state support could enable,” he said. “We should all feel gratified about what we have accomplished together and with our community support.”

Universities of Wisconsin President Jay Rothman said in a statement that Mone “consistently elevated” UW-Milwaukee.

“We owe Mark a debt of gratitude for his service and look forward to his future of ongoing service at UWM,” Rothman said.