An agreement was reached Wednesday to allow University of Texas at Austin president William "Bill" Powers Jr. to remain in office until next June before resigning. Powers submitted a letter of resignation for June 2, 2015 which was accepted by University of Texas System Chancellor Francisco Cigarroa.

The arrangement hopefully marks the settling of recent and long-term turmoil between Powers and the university's board of regents.

Cigarroa said he had asked Powers to resign last week due to a "breakdown of communication, collegiality, trust and a willingness to work together for the good of the university."

The nine-member board and Powers, 68, clashed several times on issues on preventing tuition increases and lowering costs. Relationships between the two have suffered because of these disputes.

According to a statement released Wednesday, Cigarroa said it was time for a change in leadership, but this arrangement to let Powers remain for another academic year would allow him to participate in the next Texas legislative session, which starts in January.

"The past years have not been without struggle and, at times, conflict and controversy," Cigarroa said. "There was no single incident that prompted my decision to ask President Powers for his resignation last week, but a long history of issues with communication, responsiveness and a willingness to collaborate."

Powers has been the president since 2006 and has come under fire by some critics. There were accusations of favoritism in admissions under Powers' watch, specifically benefitting students with connections to state legislators. This led to an internal review, where no wrongdoing was found but raised concerns over the amount of potentially influencial letters of recommendation from state officials held in admissions selection.

"I'm delighted to continue on," Powers said. "I try not to focus on the political aspects."

After leaving office, Powers said he plans to teach at the University of Texas School of Law, where he was a former professor and dean.