University Of California President Mark G. Yudof, 68, is all set to step down in August after serving the institution for five years.

"I have decided to bring to a close my tenure as President of the University of California, effective August 31, 2013. I will miss my daily interactions across the system with so many dedicated, capable, and intellectually stimulating people," Yudof said in a press statement.

He took over as President of the University of California in 2008.

Apart from citing his health problems that have constantly kept him away from the university for the past 18 months, Yudof feels that it's time for a change in leadership.

"I have always felt that he was working in partnership with the Academic Senate, as if we were in an academic seminar-carefully thinking through issues together, as opposed to listening only so that he could most effectively craft a dismissive response," James Chalfant, a professor of agricultural and resource economics on the Davis campus told The Chronicle.

Yudof saw the university through the difficult phase of hiked tuitions, pension reforms and state budget cuts. He has also garnered criticism for his conventional approach to running the university.

Patrick Callan, an analyst told the newspaper that Yudof deserves 'high marks for stability but not for innovation or charting new directions.'

Before, taking up the charge in California, Yudof served as president in Minnesota and Texas Universities.

Similar to other universities in the country, University Of California also experienced frequent college fee hikes due to budget crisis during Yudof's tenure.

As a result, California students pay around, $13,000 annually and out-of-state students pay about $36,000.

In order to solve the financial crisis during his stint as president of the university, Yudof launched Blue and Gold financial-aid program to provide grants to students of families below California's median family income of $60,000 a year.

"It would not surprise us if California chose a political or business figure, given the current political and economic climate," Lucy Apthorp Leske, vice president and co-director of the education and nonprofit practice at Witt/Kieffer, a search firm told the newspaper.