Updated 5 p.m EST on Friday, February 5.

Suffolk University President Margaret McKenna and Board Chair Andrew Meyer released a joint statement on Friday. According to the statement, Meyer will serve out his term at the university, but will not seek re-election in May. President McKenna will be replaced no later than the 2017-2018 academic year. 

"I'm very please with what we've accomplished," President McKenna told On Campus on Friday.

As to what's next for the President?

"A vacation!" she told us, laughing. "I'm not thinking beyond that at all. I am only thinking about this year and next and my commitment to Suffolk."

Updated at 4 p.m. EST on Friday, February 5.

Suffolk University President Margaret McKenna and the chair of the university's board announced Thursday they have reached an agreement regarding McKenna's future at the school. The agreement came just one day before the board was expected to vote on whether to remove McKenna from her position.

Updated at 4 p.m. EST on Tuesday, February 2.

A Suffolk University trustee has come forward, expressing disapproval with the way the board moved to oust the school’s president, Margaret McKenna.

“Really [president McKenna] started in the early summer. I barely got a chance to know her,” said trustee member Jennifer Nassour during an interview with WGBH News, adding that it’s too soon to decide McKenna’s future at the university.

“I think [we] should have re-evaluated her at the end of the school year,” she added.

This is not the first time the board has moved to cut a presidency short. McKenna, who’s been on the job for eight months, is the fifth person to hold the position since 2010.

Board members have cited her spending decisions as reason for dismissal.

But throughout the public stand-off, faculty members and students have stood by McKenna, launching social media campaigns using the hashtag #SUStandsWithMcKenna and groups including Alumni for the Integrity of Suffolk. Suffolk's Student Government Association has also taken a vote of no confidence in the board's chairman, asking him to resign.

"The community of Suffolk has realized that there's a bit of a pattern that's developing here. I think it's time to consider whether high turnover at the top is really in the best best interest of Suffolk," said Jared Cain, the 2008 Suffolk graduate who launched Alumni for the Integrity of Suffolk. 

 The vote to remove McKenna is scheduled for Friday. On Tuesday afternoon, Martha Coakley put an end to speculation that she was negotiating with the Board to serve as a replacement, telling the Boston Globe she is not being considered for the position.

Earlier: At Suffolk University, New President Pledges Affordability

In September, McKenna joined Boston Public Radio's Jim Braude and Margery Eagen to discuss the challenges facing Suffolk - from skyrocketing costs to a shrinking endowment. 

"I have no interest in doing the same old," McKenna said shortly after taking the job. "We need to focus on the things we do well."

Listen to the full interview here: