Here’s the news release.

A friend at Baylor told me this in an email:

Sloan resigned this morning in a fashion that I think will be good for Baylor’s mission. Some of us were aware that this would happen, but it has occurred a bit earlier than I expected. He will stay on as Chancellor. His administration will remain in place. He will remain in office until the composition of the Board of Regents changes in May, so that his successor will be appointed by a pro-2012 board. And, finally, there will be an interim who has not yet been named. My source of information tells me that the interim is a great choice and a powerful supporter of Sloan.

This has only the appearance of a bad day for Sloan, but I do not think it is at all. He has resigned voluntarily and in such as way as to control the course of the university for the foreseeable future.

Let’s hope my friend is right.

Update: Read news coverage here, here, here, and here.

Update #2: Still more here and here.