USC president Max Nikias will step down, according to a statement from Rick Caruso, a member of the Board of Trustees.

“President Nikias and the Executive Committee of the Board of Trustees have agreed to begin an orderly transition and commence the process of selecting a new president,” Rick J. Caruso, a USC trustee, said in a letter to the campus Friday. “We recognize the need for change and are committed to a stable transition.”

In the end, hubris was Nikias’ downfall, as he thought he could sweep problems under the rug and rule USC in a dictatorial style. I will write more about him but his tight-fisted ways were widely known to those at USC.

No date was given for when Nikias will step down. Here is the letter:

UPDATED: USC gave the scoop on Nikias’ resignation to the New York Times. It’s still mad at the Los Angeles Times for breaking all these stories.