Kenneth Farrow rushes for 167 yards and three touchdowns to lead No. 21 Houston past UCF 59-10. (1:06)

George O'Leary has retired as UCF's football coach effective immediately.

In a statement released by the school, O'Leary said the plan all along had been for him to retire after this season and he had in fact wanted to retire two seasons ago.

"After the 2013 championship season and Fiesta Bowl win I expressed my intention to retire at that time," O'Leary said. "After significant discussion with the UCF administration, I reconsidered and agreed to coach two additional seasons, 2014 and 2015. The administration has always been aware of my plan to retire after this season."

"In an effort to allow UCF to accelerate its search for my successor and clarify the facts regarding my future plans, I am retiring effective immediately," O'Leary said.

O'Leary has been UCF's football coach since the 2004 season. He was named the school's interim athletic director last June after Todd Stansbury accepted a position with Oregon State.

Quarterbacks coach Danny Barrett will serve as interim coach for the rest of the season. However, UCF president John C. Hitt said the university expects to hire a permanent replacement from outside the program.

The school is currently searching for a new vice president and athletic director and hopes to complete the searches by December. O'Leary had also served as the school's interim athletic director before stepping down earlier this month.

At 0-8, the Knights are one of four winless teams in FBS. UCF lost 59-10 at home to No. 21 Houston on Saturday and is ranked last in the nation in total offense.

Information from ESPN.com's Jeff Goodman contributed to this report.