A day after a report surfaced indicated Penn State athletic director Dave Joyner planned to leave his post, the school officially announced Tuesday he will retire, effective Aug. 1.

An unnamed source told ESPN's Brett McMurphy that Joyner will remain in an unspecified position with the school through early 2015. The school also announced they would form a search committee to find the school's next athletic director.

PennLive.com reported early Tuesday afternoon Joyner was not expected to announce his resignation until later in the week. As it turned out, the announcement came later that day and that Joyner would be retiring.

"It has been an honor and privilege to serve Penn State," Joyner said in a news release. "Our student athletes, coaches, staff and the University community were a daily source of inspiration for me. The spirit of Penn State is strong, and the department's commitment to integrity, as well as academic and athletic excellence is stronger than ever."

Joyner became the acting athletic director in Nov. 2011 after Tim Curley left amid allegations he participated in covering up Jerry Sandusky's crimes committed on campus. On Jan. 28, 2013 Joyner became the permanent athletic director, but he still managed the department as it went through the most difficult time in its history.

"Dave Joyner has provided steady leadership to Athletics for nearly three years," university president Eric Barron said in the release. "I want to thank him for his hard work in upholding Penn State's legacy of academic and athletic success."

Joyner led the hiring of Bill O'Brien to take over as the first permanent head football coach after the late Joe Paterno. O'Brien led the team to a winning season even though they were banned from postseason play. Joyner also hired James Franklin earlier this offseason and both coaches' recruiting efforts are paying off for the team that has yet to recoup their stripped scholarships.

Unnamed sources told the Chicago Tribune Penn State will offer their desired replacement for Joyner a base salary of $1 million. While some believe Jim Phillips would not leave his athletic director job at Northwestern, but one source said not to rule out the possibility if Penn States makes an offer.