University of Oklahoma
The seal of the University of Oklahoma is represented here in an undated photo. University of Oklahoma

James Gallogly, who served as the president of the University of Oklahoma (OU) for one year, announced his plans to retire from his post Sunday.

"I have advised our Board of Regents of my plans to retire once they have a transition plan in place. My wife Janet and I have been honored to serve our university. This has been the most important work of our lives, and it was with great pride that we watched our first class graduate this weekend,” Gallogly said in a news release.

Leslie Rainbolt-Forbes, the chairperson of the OU Board of Regents, said, "We will respect President Gallogly’s decision to retire as president of the University of Oklahoma. During the presidential search, it became clear we were at a point where we needed a president at OU with a unique set of skills and experiences. We also wanted someone already connected to OU.”

"He loved OU. The Regents asked Jim to come out of retirement to lead our university following a distinguished business career. He did, and we are appreciative because Jim and (his wife) Janet have given one of the greatest gifts one can ever give to a university, and that is their time,” Rainbolt-Forbes added, local website Non Doc reported.

Before becoming the 14th president of OU in March 2018 with a $500,000 salary, Gallogly, who holds a Juris Doctor degree from the University of Oklahoma College of Law, served on the board of directors of E. I. du Pont de Nemours and Company till 2017. He was also the chief executive officer of LyondellBasell Industries N.V. from 2009 to 2015 and was reportedly paid $77,061,964. He was also the director of Continental Resources, a petroleum and natural gas exploration and production company, and was paid a total compensation of $729,665.

After Gallogly announced his plans to retire, Oklahoma Gov. Kevin Stitt too released a statement saying, “James Gallogly is an upstanding individual who stepped in to lead the University of Oklahoma through a historical financial crisis. He hit the ground running, working to deliver efficiencies in order to keep tuition flat for students and casting vision to grow OU’s graduate research programs. Gallogly’s love for his alma mater is evident, and I appreciate the time he gave to strengthen the foundation of this important university. I am confident the OU Board of Regents will make a wise and timely selection to succeed Gallogly.”