Drake University President David Maxwell announced on Wednesday that he plans to retire from the university on June 30, 2015. 


His retirement will cap a 16-year tenure, the third longest in the university's history. Maxwell took over as Drake's 12th president on May 15, 1999.


Under his leadership, the university's endowment has grown from $80 million to $185 million. He also led a $190 million comprehensive fundraising campaign called Campaign Drake - Think of the Possibilities, and is currently leading a $200 million campaign called distinctlyDrake.


In the last 15 years, annual applications for admission have increased nearly 177 percent to 6,276. The average ACT score of incoming students has increased to 27 from 25.3, and the average high school grade point average has grown to 3.71 from 3.5.


Over the next 16 months, Maxwell and the university will focus on meeting strategic plan goals, including the completion of distinctlyDrake, the university said in a news release.


"You can't have a great city without a great university, and President Maxwell has ensured that we have both," Bill Knapp, a Drake trustee for nearly 40 years, said in the release.