BREAKING NEWS: Aragon agrees to step down

New Mexico Highlands University President Manny Aragon has agreed to step down, the university’s president announced today.

Details were not immediately released, and the agreement is pending a proposed settlement’s approval by the board of regents, the Associated Press reported. The regents are set to meet on Saturday.

Gov. Bill Richardson was pleased, a spokesman said.

“The governor is pleased that the instability at Highlands is over, and the university can move forward with a renewed focus on improving educational opportunities for Northern New Mexico,” said spokesman Gilbert Gallegos. “Highlands made great strides during the past two years toward improving its finances and building a better atmosphere for students. The university is in a good position to build on those accomplishments in the future.”

Former Senate leader Aragon and the regents have been at odds over many issues, including his control of some funds and the awarding of contracts without regents’ knowledge or approval. But Regents President Javier Gonzales said the board’s investigation revealed no wrongdoing by Aragon.

Aragon is also a target of an ongoing FBI investigation into possible kickbacks and padded contracts related to the construction of three government buildings in Albuquerque.

Update, 1:30 p.m. Aragon will be paid $200,000 as part of the settlement, the Associated Press is reporting.