From the University of Miami press release:

CORAL GABLES, Fla. – Following is a statement from Mark Richt:

Dear Hurricane Family:

A few hours ago, I informed UM Director of Athletics Blake James that it is time for me to retire from coaching so I am stepping down as the Head Coach of UM Football.  The decision came after a great deal of thought, discussions with my family, and prayer.  This was my decision.

The University of Miami has been a part of my life for more than three decades.  It shaped me as a young man and provided me with the coaching opportunity of a lifetime.  My love for The U is simply great.  My true desire is for our football program to return to greatness, and while terribly difficult, I feel that stepping down is in the best interests of the program.

I want to express my sincere appreciation to the entire Hurricane Family for welcoming me back home and for supporting the outstanding young men in our program.  I only wish that we could have achieved greater things in return.  I also want to thank President Frenk and Blake for their incredible support, as well as the outstanding men and women in UM Athletics.  Most importantly, I want to thank the incredible coaches, staff, and their families who gave their all to The U each and every day, and our student-athletes, who wore The U jersey with pride and who worked hard towards their degree.

Katharyn and I will be cheering on the Canes in the years to come and The U will never leave our hearts.

Sincerely,

Mark Richt