National Rifle Association President Oliver North announced Saturday that he will not serve a second term.
An NRA board member read a statement from North to members of the group, in which he announced that he wouldn't be renominated, and recommended the group form a committee to review the NRA's finances, The Associated Press reported.
North said there is a "clear crisis" that could threaten the gun rights group's nonprofit status, The Wall Street Journal reported.
North’s term ends Monday.
The Associated Press contributed to this report.
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