(CHAPEL HILL) -- UNC Athletic Director Dick Baddour announced at a news conference that he is stepping down instead of retiring at the end of the year. Baddour will remain as athletic director until a new athletic director is hired but will remain on staff until the end of his contract next June.

UNC Chancellor Holden Thorp said in a news conference on Thursday that head football Coach Butch Davis could get $2.7 million as part of a contract buyout. Thorp said the reasons for firing Davis were cumulative and not associated with any one aspect of the current NCAA investigation into the football program. If Davis violated NCAA and ACC rules or should have known about violations, he could have been dismissed for cause and hence not eligible for a buyout. Thorp said Davis was not dismissed for cause.

Thorp and Baddour will begin interviewing candidates to serve as interim football coach on Thursday afternoon. Baddour said the candidates would all be people who are members of the current coaching staff and an announcement is expected within the next few days.

Baddour said the decision to step down was his and he was doing so to allow a new athletic director to hire his or her own football coach.

Thorp said having a successful football program was key to having a successful athletic program.