Associated Press - October 24, 2009 11:25 PM ET

LEXINGTON, Ky. (AP) - Charles L. Shearer, the longest serving president at Transylvania University, says he will retire next year after 27 years.

Shearer made the surprise announcement at a board of trustees meeting on Saturday.

While he called his position at Kentucky's oldest university "ideal," he told the Lexington Herald-Leader that he felt it was time to step back.

During his tenure, enrollment grew from 655 students to a high of 1,153 last year. The college added 11 new buildings and two athletic fields and the total value of the endowment tripled to $115 million.

He will retire in June 2010. Board of Trustees Chairman William T. Young Jr. said they will start a national search for his replacement.

Information from: Lexington Herald-Leader, http://www.kentucky.com

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