Harvey Weingarten, seen in 2007, announced on Tuesday that he is stepping down as president of the University of Calgary. (CBC)

The University of Calgary's president will step down at the end of the year.

Harvey P. Weingarten, who is also the university's vice-chancellor, will leave next year after close to a decade at the post-secondary institution.

“The start of a new decade is the right time to hand over the reins to the next president," he said in a statement. "We have achieved many of the goals set out for me when I was first hired. The University of Calgary is well positioned for the future, so it is time for me to move on."

During his tenure, he was instrumental in introducing capital projects worth $1.5 billion, including research centres for health and the energy sectors.

Jack Perraton, chair of the board of governors, said Weingarten will leave the university with a legacy of progress.

"He did a wonderful job of leading the institution to where it is today. It's a significant player in the academic world in Canada and he's a good part of the reason for that," said Perraton.

"When you look at the capital expansions that we have, which are about a billion dollars worth, and the program initiatives such as the Faculty of Veterinary Medicine, the School of Policy Studies, bachelor of health sciences, we have a campus in Qatar. When you look at all those things he's done an enormous job in expanding the quality of education that is provided by this university."

But despite the successes, there have been controversies. For example, the university's endowment fund has lost about a fifth of its value since March.

The search for a new president, which will be led by the university’s board of governors, will likely take a year.

Perraton said that as far as he is aware, Weingarten is not leaving the university for another position.