Hawaii Pacific University President Geoffrey Bannister announced Friday that he will retire next summer after marking five years at the helm of the state’s largest private university.

In a memo to colleagues, Bannister cited his Boston-based grandchildren and a desire to return to research and teaching for his decision.

“Serving HPU has been tremendously fulfilling, professionally and personally, but the call of an academic and that of my family have always been in my heart,” he said. “Accordingly, (my wife) Jerri and I have decided this would be a good time, as our university turns 50 and I turn 70, to make way for new talent to lead the charge at HPU.”

In 2011, Bannister became the fourth president of HPU, having previously served for 12 years as president of Butler University in Indianapolis. He has more than 30 years of leadership experience at other universities, including serving as Dean of Arts and Sciences at Boston University.

HPU credits Bannister with helping to increase educational quality, focus on student success, develop comprehensive strategic and master plans, and improve IT and campus infrastructure.

He’s also credited for the vision of a new urban presence for HPU, which will be realized in the re-opening of Aloha Tower Marketplace, converting it from a troubled retail development into a multi-use facility that will house approximately 280 students. Most of the facility is scheduled to open in September. 

“Hawaii Pacific University is even stronger today than it was when Geoff came on board in 2011,” Joachim Cox, chair of HPU’s Board of Trustees, said in a statement. “Much of that can be attributed to the clarity of his vision and the strength of his leadership. In the face of serious challenges, Geoff demonstrated his skills, passion, and creativity, allowing the university to address its fiscal issues and emerge stronger and more resilient than before.”

Cox said the board plans to announce a search process soon.

The university, founded in 1965, has seen a steady drop in enrollment in recent years that has forced administrators to cut costs.

Last summer, HPU cut faculty positions and reduced employee benefits to help contain costs. The summer before, it cut about 20 administrative and executive positions across all departments to help offset a smaller drop in enrollment.

The university’s enrollment has dropped to about 6,000 students, down from 6,700 students the year before.