(RNN) - Tim Pernetti is no longer the athletic director of Rutgers University, according to a source that spoke to ESPN.
Pernetti submitted his letter of resignation Friday morning.
During a press conference Friday, Rutgers University President Robert Barchi said he accepted the resignation in what he called a "mutual decision."
"I appreciate the positive things that Tim has done for the university, but I also recognize the gravity of recent developments in regards to the men's basketball program," Barchi said.
Barchi apologized to the student athletes affected by the actions of former Rutgers men's basketball coach Mike Rice after video of practices surfaced showing Rice and at least one assistant coach physically and verbally abusing players.
Rutgers fired Rice on Wednesday.
Barchi also addressed Rice's use of gay slurs during practice.
"I also appologize to the LGBTQ community, and all of us who share their values, for the homophobic slurs displayed on that video," Barchi added. "I personally know how hurtful that language can be."
A New Jersey native, Pernetti had been the school's director of athletics since February 2009. Prior to that, he was executive vice president of content for CBS College Sports Network and director of programming for ABC Sports.
Pernetti, 42, played tight end for Rutgers from 1989 through 1993.
The video went public on Tuesday, but Pernetti received it in November. He did not fire Rice after an internal investigation, but Rice was suspended three games and fined $75,000. He also underwent mandatory anger-management therapy.
"In connection with the incidents involving former basketball Coach Mike Rice, as was the case with all other matters which I handled on behalf of the University, I always tried my best to do what is right," Pernetti said in his letter of resignation.
Pernetti said he was "responsible for the decision to attempt a rehabilitation of coach Rice" after the school decided to terminate his contract.
"As you know, my first instincts when I saw the videotape of Coach Rice's behavior was to fire him immediately," Pernetti said in his letter of resignation.
Barchi said he did not watch the video when it first surfaced, but relied on a "summary description" of the video from Pernetti when he approved of Rice's original punishment.
Barchi said he watched the video for the first time Tuesday evening and that it was "much more abusive and pervasive" than he suspected.
"If I had to do it again, I would have asked for that video," Barchi said.
Assistant coach Jimmy Martelli resigned on Thursday. The videos showed Martelli also verbally and physically abusing players.
Barchi said in a statement Wednesday that he had supported Pernetti's decision to suspend and fine Rice when he found out about the incident last year.
Barchi is expected to appoint an interim athletic director "in the coming days."