WALTHAM - Brandeis University president Jehuda Reinharz, after months of sharp criticism over his financial stewardship and plans to close the university's renowned Rose Art Museum, announced Thursday that he will resign at the end of the academic year. The announcement, which caught many faculty and students off guard, signaled the end of a lengthy tenure that saw the Waltham university vaulted to greater national prominence. Yet in recent months, he was the target of an angry outcry over fiscal troubles at the university and a plan to auction precious works of art to raise money. Reinharz, who became president in 1994, said he plans to head a major nonprofit group focused on issues facing the international Jewish community, but at the request of trustees will stay on until a replacement is chosen, until June 2011. Reinharz dismissed suggestions that he is resigning under pressure arising from the museum controversy, saying he strongly considered stepping down in summer 2008 before signing a five-year contract extension. At 65, Reinharz said he felt the time had come to move on. 'This is not a decision I took lightly,' he said in an interview at his office Thursday afternoon. 'I've poured a lot of sweat and blood into this place, which I love. But I think the time is right.' Reinharz said he first told trustees a month ago that he planned to resign and formally notified them Thursday. In an e-mail sent late Thursday night to the university community, he said he had 'reached the conclusion that now is the right time for me to focus on the next chapter of my career.' 'Serving Brandeis for nearly three decades has been a great honor, which I have enjoyed immensely,' he wrote. 'I believe the future is very bright for the university and I am confident that my successor will take Brandeis to even greater heights.' Jack Connors, vice chairman of the trustees, said the decision to resign was Reinharz's, and that trustees urged him to stay on. 'I think that some people will regrettably focus on the past year, but if you look over his whole time at Brandeis, it's really an impressive record,' Connors said. Controversy over the museum erupted in January, when university officials announced plans to close its art museum and auction parts of its $350 million collection amid heavy investment losses and declining fund-raising. Facing withering criticism from faculty, alumni, and the art and philanthropic worlds, the university quickly pulled back, and Reinharz apologized, saying he 'screwed up.' The controversy, which garnered national headlines, brought a rebuke by more than 60 faculty members, who said Reinharz's handling of the situation had created a 'crisis of confidence' over his leadership. On Thursday, Reinharz said that faculty criticism did not influence his decision to resign and that he believed he had the support of most faculty members. 'I'm sure I've had my critics, but if you can find a university president who doesn't, I'll buy your lunch every day,' he quipped. 'And I have never felt I didn't have the support of the trustees.' In a letter sent Thursday to Reinharz, trustees chairman Malcolm Sherman thanked him for his dedication and achievements, saying the board would have 'greatly preferred' that he complete his term. 'Under your leadership, we have witnessed a heightened profile within the international academic community and an exceptionally diverse student body,' he wrote. During Reinharz's tenure, the university became far more selective, attracting a higher caliber of students, embarking on a major campus overhaul, building a number of sparkling new facilities, and establishing a range of new academic programs. He was considered a highly successful fund-raiser, attracting deep-pocketed donors who helped triple the university's endowment. 'He has raised Brandeis's national and international profile considerably,' said Richard Doherty, president of the Association of Independent Colleges and Universities in Massachusetts. 'He brought it out of the shadows.' After last fall's financial collapse, however, donations dried up and the value of investments plummeted. With the university forced to slash its budget, some faculty criticized Reinharz for overextending the university and relying too heavily on donations for Brandeis's growing day-to-day expenses. 'The last year has been one of upheaval that has caused somewhat of a split on campus,' said Michael Rosbash, a biology professor who said Reinharz's handling of the financial crisis cost him significant support. Others said the strategy paid long-term dividends. 'He deserves an incredible amount of credit,' said Sabine von Mering, a German professor and chairwoman of the faculty senate. 'Let's face it, Brandeis is a start-up, and start-ups have to take risks.' Reinharz said he believed the university has made significant strides and said he especially took pride in the increased racial and economic diversity among students. Yet with the university, and higher education as a whole, facing stiff economic challenges in the coming years, Reinharz said he felt it was a logical time to step aside. 'We'd love to have life just as it was before,' he said, calling the financial crisis a 'shock to the system' of higher education. 'But the reality is now we all have to make painful economic decisions.' 