Emory University’s president James Wagner will step down from his position next year after more than a decade leading the private institution.

Wagner’s tenure as president will terminate at the end of August 2016, said a statement from the university Friday.

“The time is right, both for me personally and for Emory,” says Wagner. “I have delighted in the good fortune of being part of this community during a period of tremendous growth in impact, depth, and richness — all grounded in the special character of this place.”

During his 12-year tenure, Wagner led the largest fund-raising campaign in the state’s history, resulting in $1.7 billion in support for the the university, according to Emory.

Under Wagner's leadership over the past 12 years, Emory has achieved notable milestones in its academic, research and health care mission. More Emory scholars and researchers have been appointed to national academies, and research funding now tops $570 million. The school has also repeatedly been ranked among the nation's top universities. Emory retained its 21st-place ranking among the nation's top universities in the latest U.S. News and World Report's annual college rankings released this week.

Emory’s board of trustees will establish a selection process to begin identifying Emory’s next president.