But the deep concern over his management appeared likely to continue, at least in private.
The chair has, in practice, the most influence over the management of the University.
The manager still has full control over the management of a football club.
He had taken over the management of his sister's bakery.
However, it usually means giving up shares in your business, and investors may want some control over its management.
The Chandler family went public earlier this year with their anger over management of the company.
And they said it was never made clear how these investors, with no control over management, would improve operations.
The measure was defeated with 61% of the vote, but public debate over its management continued.
The company has become a lighting rod in the debate over private management of public schools.
The move, he said, is similar to his decision earlier in his administration turn over management of the water department to a private company.