Former UNC Board of Governors chair Harry Smith stepping off board entirely

Smith said he doesn't have time anymore to be on the board and that he plans to leave Feb. 1.

"I started my own private equity firm, and I just can't keep spending all this time," he said.

New Board Chairman Randy Ramsey said in a statement that Smith agreed to serve until February or until the General Assembly picks a replacement.

His term was set to end in 2021.

Ramsey said in his statement that Smith "has tirelessly served this Board, University System, and state for the past seven years for the betterment of our students" and that he "worked collaboratively to show that differing views and opinions are healthy for any organization – to ensure all voices are heard and great decisions are made."

Smith's time as chairman was a tumultuous one, and his public resignation announcement came on the same day reports surfaced linking him to Peter Romary, a private attorney who has run afoul of the University System's administration.

Smith, who graduated from ECU, told WRAL News Monday that he "didn't have anything to do with that in any way shape or form."

Romary, he said, "always contacted us and I've always sent that straight to the system office.

"And we've not paid him a dime," Smith said. "Not one single time have we ever asked him to do anything."