BANGOR, Maine (AP) University of Maine System Chancellor James Page is stepping down at the end of the academic year.

The 66-year-old formally announced his decision Wednesday as trustees approved a proposal to further expand the “one university” vision that created efficiencies and contained costs.

Page, who took office in 2012, said it was a “tremendous public service opportunity” and a “great personal honor” to lead a system with seven public universities and 30,000 students.

He is credited with stabilizing enrollment and finances. He oversaw a six-year tuition freeze, consolidated administrative functions and created annual savings of more than $80 million.

Page was the first university system alumnus to serve as chancellor. A national search for his successor will be launched with a goal of appointing a new chancellor by the summer.