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Temple Officially Parts Ways With President Neil Theobald

PHILADELPHIA (CBS) -- In what has been characterized as "difficult times," Temple University officials announced that they're formally parting ways with embattled President Neil Theobald.

"Dr Theobald had this agreement last week and he refused it and he has changed his mind," said Kevin Feeley, the spokesman for Temple's board.

Theobald's 3-year-run at Temple abruptly ended. The matter publicly blew open last week, with Theobald refusing to step down. The board had voiced displeasure with how he handled the sudden departure of a high-ranking and popular university official.

Board members were also said to be unaware of a financial aid deficit totaling $22 million existed.

In a quick vote of the board, Dr. Richard Englert was tapped to take over the office of the president on an interim basis. "We have tremendous momentum," Englert said. "Everything is going well."

Perhaps not, as just outside of Temple's Sullivan Hall, a protest took place, demanding the university to abandon plans to construct a new stadium in North Philly.

"We are here to let the board know we are not going away and we will continue to have our voices heard," said Chuck Cannon.

Theobald was said to be a driving force behind the stadium project. It's hoped that the new leadership listens to the community living around Temple.

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