In an abrupt move Monday morning, Bruce Van De Velde submitted his letter of resignation to ISU President Gregory Geoffroy, ending his five-year term as athletics director.

Van De Velde’s resignation is effective either on Dec. 31 or when his replacement is found, whichever comes first.

“I just felt like this was a great time right now. You want to leave when you’re on top, and I am ready for a new challenge,” Van De Velde said. “The turnaround here is complete.”

Van De Velde’s contract ended June 30, but he was working as

an “exempt Professional and Scientific” employee reporting directly to Geoffroy, who did not extend Van De Velde’s contract last year. While Van De Velde said this was not the cause of his resignation, he did recommend strongly to Geoffroy to look at multi-year contracts for the new athletics director because it will be a more attractive package to potential candidates.

“In 2000, when I took over the department, we were in grave financial trouble ƒ_” I leave the department at Iowa State with a $4.2 million reserve, newly negotiated corporate sponsorships and television contracts and bowl agreements with the Big 12,” Van De Velde said. “There wasn’t that much more that I felt like I need to do here, that I could do here, and that it was a good time for that next person.”

The resignation surprised men’s basketball coach Wayne Morgan, who had been on the road for most of July.

“Anytime you work in a group like this, it’s like a family, and any time any member of that family leaves, you feel a sudden sadness,” Morgan said. “But at the same time, when you’re in a family, sometimes people go off to seek their fortune or go on to a better situation, and you root for them to do that and you hope that they do well.”

Van De Velde hired Morgan after Larry Eustachy resigned in 2003, an opportunity

Morgan said he would always be grateful for. He also praised Van De Velde for the situation the Athletic Department is in now.

Geoffroy also praised Van De Velde’s accomplishments, noting the financial and competitive successes in all sports during his term as athletics director. But Geoffroy was quick to add that he has a new job now ƒ_” finding a replacement.

“I think we want to cast the net as largely as possible, really searching for the very very best person,” he said. “Bruce has positioned our athletic program, the department, extremely well for the recruitment of an outstanding individual to succeed him in this position.”

Geoffroy said he will appoint a search committee in the next couple of days to find a successor, and that he doesn’t yet know who will be involved. He did note, however, the business functions of a company like the athletics department are complex, and candidates should have a good working knowledge of how things operate.

During Van De Velde’s five years as athletics director, department revenues increased from $19.6 million to $29 million, and he leaves a hefty reserve in the bank.

Ticket sales and fund-raising has also increased, with more that 2,000 new donors helping maintain and build a variety of athletic facilities.

“I’m proud that under my leadership we have restored integrity, financial strength and academic and competitive excellence to that Iowa State athletic program,” Van De Velde said.