WASHINGTON (AP) — Jeremy Stein, a member of the Federal Reserve Board, announced Thursday that he plans to resign next month to return to Harvard University, creating more turnover on the seven-member board.

In a letter to President Barack Obama, Stein said that he will resign effective May 28 and return to Harvard, where he had been an economics professor beginning in 2000. Stein had been on the Fed board since 2012. There had been speculation that he might leave given that he was facing a May deadline to decide whether to return to his tenured Harvard teaching post.