Rob Watts will serve as interim president of Georgia Perimeter College as officials investigate what led to the school's nearly $16 million budget shortfall.

The state Board of Regents approved the appointment Wednesday and Chancellor Hank Huckaby sent a letter to faculty and staff informing them that Watts will start May 14.

The previous president, Anthony Tricoli, stepped down Monday to give the college a "fresh approach," Huckaby said. Tricoli, who had been president since 2006, moves to the system central office to help with online learning and other programs.

The regents didn't publicly discuss the financial problems at Georgia Perimeter, the system's third-largest college with nearly 27,000 students.

After the meeting, Regents Chairman Ben Tarbutton said the central office is still trying to piece together what happened, stressing they've been working on it for less than 10 days.

Watts, who previously served as the system's chief operating officer, is often called on to serve as an interim president. He was Georgia Perimeter's interim president in 2005.

"He is passionate about public higher education and understands policy and budget management," Huckaby wrote about Watts. "I believe he is the ideal person to lead Georgia Perimeter toward a new beginning."