LOUISVILLE, Ky. (WHAS11) -- Several major developments highlighted the University of Louisville Foundation gathered for its annual meeting Friday with the resignation of Dr. James Ramsey being as big as any.

Ramsey resigned his post as the UofL President in July but was still working for the school’s fundraising organization despite a growing chorus calling for his resignation.

As The Foundation board looked to adjourn their annual meeting, Chair Dr. Bob Hughes announced that there was one more vote, to accept the Jim Ramsey’s resignation.

"I think that in fairness to the university and fairness to Dr. Ramsey, it was settled the right way. He resigned,” said UofL Board of Trustees Chair Larry Benz.

Benz also serves on The Foundation board and had led the charge in demanding Ramsey resign. He was somewhat surprised by the letter that Chairman Hughes said was delivered at 9 a.m. Friday.

Read Dr. Ramsey's resignation letter here:

“I think, as many people said, it's time to turn the page,” Benz said after the meeting. “And that is not to take anything away from him (Ramsey) at all but now this sets the stage, as I said, now it enables further action we can make including a national search for a president and they don't have any concerns there's not a predecessor hanging around anymore.”

The UofL Board of Trustees Chair, Benz, had threatened to sue the Foundation if a list of demands weren't met.

Benz sent a letter to Foundation Chair Dr. Bob Hughes outlining the demands and suggesting that Hughes step down as well. The demands included the Ramsey resignation, the willingness to begin an audit, hiring new employees to handle open records requests and placing Brucie Moore in an officer’s position with The Foundation board. Moore serves on both the U of L Board of Trustees and the University of Louisville Foundation Board.

Friday Hughes announced he does not intend to serve as an officer and Moore was named chair of the Foundation Board.

“Now I would like to see all people come together that have the goodwill of the University of Louisville in their mind and get us through some of these challenges that we face,” Moore said in her first interview after being named the chair.

Watch Brucie Moore's full interview here:

Read Brucie Moore's statement on being appointed Chair of UofL Foundation here:

Read Dr. Bob Hughes’ full statement regarding his position on the Foundation Board:

Moore said she agrees that an audit must be conducted but will most likely wait until after the Kentucky State Auditor completes an examination this fall.

“I will wait. What I will push for is to bring this group, this Foundation Board back together very quickly to address this issue,” said Moore. “And we certainly will have an internal audit, whether it's forensic or administrative is not as important as we get the all the detail and I certainly do not oppose a forensic audit.”

UofL Trustees also demanded the removal of longtime James Ramsey Chief of Staff, Kathleen Smith. Instead, the Foundation Board appointed Smith "Assistant Secretary".

When asked whether Smith should resign, Moore replied, “I'm not commenting on any other personnel, Kathleen Smith has been here for a long time. She has a lot of institutional knowledge and at our next board meeting, which I hope, as soon as I can gather up this large group that we will address all of those questions that are still out there.”

We learned that Kathleen Smith officially retired from the University of Louisville effective Thursday. She'd been with the university for 45 years.

She will remain in the role at The Foundation.

Read Kathleen Smith’s statement about her retirement:

Read statement on Smith retirement from interim U of L President Dr. Pinto here: