NORMAN, Okla. -- After nearly 23 years of service, University of Oklahoma President David L. Boren announced Wednesday afternoon that he will step down from his post effective June 30, 2018.

“I’ve always understood that there would be at time to pass the baton to a new president," Boren said. "I have wanted to transition to occur when the university was at maximum strength. I believe that the right time has come."

Boren, who was greeted with a standing ovation from hundreds of students in attendance on Wednesday, repeatedly emphasized his passion for young people.

"My favorite part of the whole job is the time I get to spend with the students," Boren said. "I don't think there's any calling in life greater than to bring opportunity to the next generation."

Boren’s accomplishments at Oklahoma can not be overstated. Since taking office in December 1994, Boren led OU through athletic and academic revivals.

In 1998, Boren hired Joe Castiglione, recently voted the best athletic director in the country. Soon after, Castiglione hired Bob Stoops as OU's head football coach, forming one of the most influential trios in college athletics over the past two decades. Stoops retired from coaching on June 7.

He oversaw multiple rounds of renovations to Gaylord Family-Oklahoma Memorial Stadium and helped create Headington Hall, OU's student-athlete dorm. In total, $2 billion in construction projects have been completed since Boren took office in 1994.

Boren was also a key figure in college football's recent rounds of realignment. He called the Big 12 "psychologically disadvantaged" in June 2015, sparking an ultimately fruitless round of conference realignment discussions. While Big 12 expansion failed, Boren did succeed in adding the Big 12 Championship game, which will be played this December for the first time since 2010.

Boren never did anything by accident in his tenure. Even the location of his retirement announcement -- the Donald W. Reynolds Performing Arts Center -- was intentional: It was in this location, then named Holmberg Hall, that Boren accepted the OU presidency on Dec. 1, 1994.

Academically, Boren took OU to another level. The University of Oklahoma currently ranks No. 1 among private and public universities in enrolled National Merit Scholars. His latest fundraising coup comes in the form of the brand-new “residential colleges” for housing upperclassmen on campus just south of the football stadium.

Boren, 76, has dealt with health problems over the last year. He underwent heart bypass surgery back in March, but returned to work soon after. Boren is also diabetic.

According to Boren’s OU bio, 2017 is his 50th year in public service in the state of Oklahoma. He previously served as the state’s governor (1975-79) and as a senator (1979-1994) before taking office in Norman.

He retires as OU’s second longest-tenured president ever, just behind George Lynn Cross (1943-68).

Read our Big 12 series

Part 1: The Big 12 is trying to change persistent attitudes dating to a couple of near-death experiences. Despite rosy revenue projections, two misses in the College Football Playoff and a few self-inflicted wounds represent challenges.

Part 2: How has Texas A&M's secession from the Big 12 affected the conference? Even though the Aggies haven't had much success in the SEC, the impact on the Big 12's stronghold on the Lone Star State is hard to ignore.

Part 3: The football programs at Texas and Oklahoma are under new management. And the success of first-year coaches Tom Herman and Lincoln Riley will impact the entire conference.

Part 4: TV revenue has driven conference membership, coaches salary and next-generation facilities. But how will changes in the business model and tech innovations affect the Big 12 and other conferences?

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