University of Akron President Luis Proenza is stepping down next June after 15 years. He's been the longest continually serving president at a public university in Ohio.

Under a deal reached with the board of trustees today, the 68-year-old Proenza will get an 18 percent raise in January, bringing his base salary from $425,250 to $500,000. That pay will continue during a one-year sabbatical that begins in June.

After that, the contract will pay him 65 percent of his base salary, or $325,000 to fill the newly created Trustees' Chair in Higher Education and the Economy. Proenza will hold that chair for 10 years and has committed to raising $1 million to support it.

His retirement comes at the same time as Lester Lefton at Kent State, Tom Chema at Hiram College and Gordon Gee at Ohio State University. Gee is also transitioning to a faculty position.

Akron trustees will hold a special meeting in September to outline the steps to finding a new president.