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Timothy Slottow, president of the University of Phoenix since 2014, has announced plans to step down, citing personal reasons.

Phoenix raised eyebrows with its hire of Slottow away from his post as executive vice president and chief financial officer at the University of Michigan. In an internal message he sent last week to Phoenix employees, Slottow said family challenges, including the recent death of his father-in-law, demand "my commitment and attention be devoted closer to home, with my wife, children and wider family."

Last month a group of private investors bought the university and its ownership company, the Apollo Education Group, for $1.14 billion.