City College President Lisa Coico stepped down Friday amid a federal investigation into alleged financial misconduct.
Coico, who took the helm at CCNY in 2010, announced her resignation in a letter to colleagues. It was quickly accepted ed by City University President James Milliken.
Coico, a Brooklyn native who became the first CCNY grad to serve as its president, has been accused of taking $136,000 from a school-related foundation and using it for personal expenses.
She vehemently denied any wrongdoing as recently as last month.
CUNY officials had retroactively permitted the spending, but required her to repay the money.
She had allegedly used it for $65,000 worth of furniture, a $20,000 security deposit on a Westchester home and $51,000 worth of other expenses.
Coico’s profile remained on the CCNY Web site as late as Friday evening.
“President Coico has significantly upgraded the quality of the academic experience and student life as a whole at City College,” her bio reads.