updated 7/7/2014 3:46:25 PM ET 2014-07-07T19:46:25

Resign or be fired. That was the ultimatum University of Texas at Austin president William “Bill” Powers received last week from UT System Chancellor Francisco Cigarroa.

Powers, 68, president since 2006 of the flagship campus of one the nation’s largest schools, isn’t quite refusing to step down, this time amid an alleged admissions scandal. Rather, he’s “discussing a timetable for his exit,” according to the Dallas Morning News. He wants to nail down his retirement options and stave off his exit until next year, preferably on the heels of the next legislative session. If his wishes are met, he would remain president through May.

“Throughout my tenure, I have always striven to act in the best interests of the University,” Powers wrote in a letter to the chancellor published by the Texas Tribune. “I believe a graceful rather than abrupt departure after nine years in office is in keeping with that."

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