Sidney A. Ribeau and guest attend BET Honors 2013. (Getty Images)
WASHINGTON (WUSA9) -- The President of Howard University, Sidney A. Ribeau, announced his retirement on Tuesday.
Ribeau announced that he would be retiring "immediately from our beloved institution" after five years of on the job.
In a letter from the Office of the President he wrote, "I would like to express my profound gratitude to the entire community for supporting me and generating an atmosphere of positive collaboration over the...years."
The historically black university has been dealing with financial troubles. Moody's Investors Service downgraded the school's rating last week, citing revenue declines and automatic federal budget cuts from Congress, the Associated Press reported.
He added, "Serving as the president of Howard University was the opportunity of a lifetime."
Ribeau will officially step down at the end of the year. To read his full announcement click here.