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CHARLOTTESVILLE, Va. (AP) - University of Virginia President Teresa A. Sullivan is stepping down as president.

The announcement was made Sunday by Sullivan and the Board of Visitors of the Charlottesville university. The board said Sullivan and trustees "mutually agreed" she would leave effective Aug. 15.

Sullivan said in a statement that while she and the board have "philosophical differences," she treasures her time at U.Va.

Sullivan became U.Va.'s eighth president in 2010. She succeeded John Casteen, who retired after nearly 20 years.

Sullivan was the first woman to lead U.Va., which didn't become fully coeducational until 1970.

The board said it had discussions over the past year with Sullivan about developing, articulating and acting on a "clear and concrete strategic vision."

The board said it would move swiftly to name an interim president.

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