Texas Southern University President Austin Lane has been placed on paid administrative leave effective immediately, pending an investigation by the audit committee. CFO Kenneth Huewitt will serve as interim president.

The issue was discussed during a Regents’ meeting Friday afternoon. According to KPRC 2 reports, Lane was “caught off guard” by the news as he hadn’t been informed by the board that he was being put on leave.

While the school has not stated a reason for decision, it did release the following statement:

“The Texas Southern University Board of Regents today placed TSU President Dr. Austin A. Lane on administrative leave with pay.

The Board has appointed CFO Kenneth Huewitt as the interim president.

The Board is committed to ensuring all activities at the University are conducted in an ethical and transparent manner in accordance with the University’s mission, vision and values. The University will have no further comment at this time.”