The Pac-12 and commissioner Larry Scott agreed to part ways Wednesday, the conference announced.
"We appreciate Larry's pioneering efforts in growing the conference by adding new competitive university programs and accelerating the Pac-12 to television network parity with the other conferences," Oregon president Michael Schill said in a statement. "At one point, our television agreement was the most lucrative in the nation and the debut of the Pac-12 Network helped deliver our championship brand to U.S. and global markets on traditional and digital platforms.
"That said, the intercollegiate athletics marketplace doesn't remain static, and now is a good time to bring in a new leader who will help us develop our go-forward strategy."
Scott became the Pac-12's commissioner in 2009 and was part of the conference's decision to expand from 10 to 12 teams in 2011.
The 56-year-old, who will officially vacate the role in June, inked a contract extension in 2017 that ran until 2022. He's made an estimated $40 million during his time with the Pac-12, according to Pete Thamel of Yahoo Sports.
"I was in pro sports for 20 years, I've now been in college athletics for more than 10 years, and now is a great time in my life to pursue other exciting opportunities," Scott said. "This moment, when college athletics are moving in a new direction and with the conference soon commencing the next round of media negotiations, it seems the right time to make a change."
Scott was criticized during the summer for his decision-making regarding the football season amid the coronavirus pandemic. The Pac-12 was the last Power 5 conference to begin the football campaign in the fall (doing so in November), which essentially removed any chance its teams had to challenge for a spot in the College Football Playoff.
He previously was the chairman and CEO of the Women's Tennis Association (WTA), a position he started in 2003.