Graham Spanier Resigns, Penn State Board Of Trustees Announces

The Penn State Board of Trustees made it official on Wednesday night, announcing president Graham Spanier is out, effective immediately. Spanier submitted his resignation ahead of the board meeting on Wednesday night in the wake of a massive sexual abuse scandal allegedly involving former Penn State assistant Jerry Sandusky. Head coach Joe Paterno is also out, and will not coach another game at Penn State.

The details of Spanier's departure are still being worked out, including financial compensation.

"The contract has a variety of contractual provisions that deal with certain circumstances, Board of Trustees Vice Chairman John Surma said on Wednesday night at the press conference announcing the moves. "This is probably one of those and it will be adhered to whatever that may be and I think there is some financial settlement in that case."

We'll be back with more on the press conference as it becomes available.

For more on the Nittany Lions, visit Penn State blog Black Shoe Diaries. Follow all of SB Nation's coverage of the Jerry Sandusky investigation in our StoryStream.

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