NASHVILLE (AP) — Belmont University President Bob Fisher plans to retire next May after two decades in the private school's top post.

The Nashville university announced Tuesday that Fisher plans to take a year-long sabbatical to enjoy time with his family and spend time on his Arkansas farm when his contract expires in May 2021.

The Belmont board will immediately begin searching for Fisher's replacement, with an anticipated summer 2021 start date for the new leader.

The board has invited Fisher to consider a chancellor position after his sabbatical.

Since his tenure began in 2000, Belmont has seen more than $1 billion invested in new construction, renovations and property acquisitions.

"What has been accomplished by our leadership team, our staff, our faculty and especially our students has exceeded anything we could have imagined," Fisher said in the news release Tuesday. "My overwhelming response to all that's been accomplished is a deep sense of gratitude."