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Gen. Charles Krulak announced his retirement today as president of Birmingham-Southern College. (File)

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BIRMINGHAM, Alabama -- Retired U.S. Marine Commandant Gen. Charles Krulak, who has helped revitalize Birmingham-Southern College since taking over as president in 2011, announced his retirement this morning.

His retirement will take effect at the end of May 2015.

"He's served here for four years," said Bruce Rogers, chair of the board of trustees. "He has done some great things to turn us around. We're in a great place."

Krulak has never taken a salary as president, Rogers said.

"He refuses," Rogers said. "That's pretty remarkable. It was real work. He cares about young people."

Krulak and his wife, Zandra, plan to stay in Birmingham. "They intend to make Birmingham their home," Rogers said.

While Birmingham-Southern College received an accreditation warning for its financial status in 2010-11 because of accounting problems that happened before Krulak's arrival, the SACS accrediting staff recently completed its on-site visit before making a decision in June on renewal of the school's 10-year accreditation. No problems are expected in attaining the renewal from the Southern Association of Colleges and Schools, Rogers said.

After his hiring on March 21, 2011, Krulak immediately began fundraising. When he took office on June 1 that year, he immediately restructured the college's $67 million debt to cut the interest payments in half. In his first year, he raised $12.5 million in financial pledges for the college and put the school's budget in the black for the first time in seven years.

Krulak had never heard of Birmingham-Southern College before his first visit to campus in November 2010, and he had few connections to Alabama.

Krulak retired from the military after reaching the top post in the U.S. Marines as commandant from 1995 to 1999, serving on the Joint Chiefs of Staff. He served as CEO of MBNA Europe from 2001 to 2004 and was vice chairman of MBNA America Bank in 2004-05.

Instead of retiring, he wanted to interact with and encourage young people. Birmingham-Southern College has about 1,200 students and is affiliated with the United Methodist Church.

Krulak, who is 72, will turn 73 on March 4.

Rogers joked that Krulak has been at the college the same length of time as most students.

"He's graduating with highest honors," he said.

The board of trustees recently adopted a succession plan and have begun the search for the next president, Rogers said.

See also: 'A remarkable blessing': General Krulak gives emotional goodbye to Birmingham-Southern College