The Board of Regents will begin searching for an interim president immediately, board chairwoman Maureen Reed said Friday.

Yudof announced his acceptance of candidacy for the chancellor position at the University of Texas at a news conference Friday.

Yudof’s contract requires him to stay at the University for at least 90 days to help aid in the transitional period. Yudof said he has not set a date for departure to Texas, but anticipates he will leave in late summer.

“We can’t be too specific today with transitional plans,” Yudof said.

After an interim president is selected, a Regents-approved committee will conduct a nationwide search, Reed said.

Reed said it was too soon to provide specific details about possible candidates for either position. The board must vote to approve the final candidate.

Anybody can be nominated to be part of the candidate pool.

“We expect the trajectory to continue going up,” Reed said. “The board will put the wheels in motion.”

The Board of Regents is expected to meet June 13 and 14.

Reed said Yudof has “built a foundation” for the next president to build upon.

“The next president will be standing on the shoulders of President Yudof,” Reed said. “The next president will lead us forward to the future.”