Florida A&M University's president reached an agreement with school officials to immediately resign Monday after facing months of criticism in the hazing death of a marching band member.

Last week, James Ammons had submitted a letter stating his resignation would not take effect until Oct. 11. However, he waived a provision allowing him to give 90 days notice to the FAMU board in exchange for getting paid bonuses.

Ammons will be paid more than $98,000 in performance bonuses from his last two years in office -- and will still earn his full presidential salary of more than $341,000 over the next year while he remains on sabbatical. Ammons plans eventually to return to FAMU as a member of the faculty.

The school's governing board -- which held an emergency conference call to discuss Ammons' resignation -- voted in favor of the deal and named FAMU Provost Larry Robinson as interim president.