University of Missouri President Tim Wolfe announced his resignation Monday morning amid growing unrest and protests over his handling of racism on the school's campus.

Wolfe -- who made the announcement during a special meeting held by the university system's Board of Curators -- acknowledged his failure to effectively communicate with protesters who called for his removal following a series of racist incidents.

"The question really is, why did we get to this very difficult situation?" Wolfe said, appearing to hold back tears remarks, reports NBC News. "It is my belief that we stopped listening to each other."

Wolfe added that his resignation would take effect immediately.

"It's the right thing to do," he said.

The announcement came amid pressure from students demanding him to step down in wake of his response to several racist incidents that occurred on school grounds within the past several weeks.

One incident occurred in early October when a white student allegedly shouted racial slurs at black students as they were rehearsing for a skit. A swastika drawn with human feces was also found on a bathroom wall inside a residence hall last month. In addition, students were enraged when Wolfe used his car to plow through a protest at the homecoming parade a few weeks ago. In late October, student protesters began calling for Wolfe's removal as president along with seven other demands to address racial inequality at the institution.

In response, Wolfe released a statement on Nov. 3, condemning racism on the campus and promising to combat it. Protesters, however, were not satisfied and launced a boycott of student services on campus. Wolfe then followed up with an apology on Nov. 6 for his reaction at the homecoming parade and expressed concern for a graduate student who went on a hunger strike.

Although faculty members canceled classes on Monday, it appears the tipping point came after members of the university football team threatened over the weekend to boycott the rest of the season.

The Legion of Black Collegians posted a photo on Twitter Saturday night of more than 30 football players standing in solidarity with the graduate student on a hunger strike.

"The athletes of color on the University of Missouri football team truly believe 'injustice anywhere is a threat to justice everywhere,' " read the caption to the photo, referring to a quote by the Dr. Martin Luther King Jr.

Following Wolfe's resignation, Gov. Jay Nixon issued a statement, saying it "was a necessary step toward healing and reconciliation on the University of Missouri campus, and I appreciate his decision to do so. There is more work to do, and now the University of Missouri must move forward - united by a commitment to excellence, and respect and tolerance for all."