BURLINGTON, Vt. (AP) — The president of the University of Vermont has announced that he will step down at the end of this upcoming school year.

President Tom Sullivan will step down in the summer of 2019, after six years leading the school.

Sullivan said Monday that the time is right with the school crossing over its fundraising campaign goal of $500 million a year ahead of schedule.

Board of Trustees Chairman David Daigle says in 2012 the board sought a president who could lead the UVM community on a mission to improve the academic and financial profile of the school. He says Sullivan has accomplished that.

Daigle says UVM will start a formal search process for a new president immediately, with plans to choose a candidate by March 2019.