Paul Lessard, the current executive vice president, will serve a two-year assignment as the acting president of CBC.

Josephson tendered his resignation earlier this month. He will continue to provide consultation and be available for adjunct teaching responsibilities.

"I came into this place of service convinced in my heart and affirmed by the body of Christ that it was time for me to lead CBC. I leave the same way," Josephson wrote in his resignation letter. "Circumstances, my spirit and the counsel of those who care for me and those to whom I am accountable all seemed to line up and point to this as the time for me to conclude my time of formal service with CBC."

CBC is a one-year discipleship training program. Most CBC students complete the one-year program before entering a traditional four-year undergraduate program, while some transfer to CBC after attending at least one year at a four-year school.

Josephson has been president of CBC for 16 years. During his tenure, the Strathmore campus was purchased and two other campuses were constructed: Windsor, Colorado, and La Merced, Ecuador.

During his tenure, enrollment increased from 39 students in the 1990-91 academic year to a high of 175 in 2002-03. The faculty grew from 3.5 full time positions on one campus to 13.5 full time faculty over three campuses in three countries.

Like many Bible colleges, CBC has struggled financially the last several years. An enrollment drop of 25 percent during the recent academic year led the Board of Directors to close the Windsor campus.

Declining enrollment has been due to a number of factors, including the cost of attending a four-year college. As that cost rises, families have been more reluctant to pay for a year of discipleship training.