Each fall for the past six years I have welcomed you back to a campus that was more vital and vibrant than the year before. And each year you have made it better. I welcome you now in my final year as chancellor.

It has been a wonderful privilege to lead this university, which by any measure is one of the finest in the world. I look forward once again to an autumn rich with promise. Our entering class brims with talent. We have a host of illustrious new faculty colleagues. And our staff is refreshed and invigorated.

Increased state funding will provide a much-deserved salary increase. California voters passed a crucial bond initiative to provide $54 million in facility and classroom improvements at Berkeley. Research gifts and grants are at all-time highs, and our success in raising private funds continues to break all records. Last year, we raised about $189 million ‚ much of it for faculty and student support.

I know that some of you were shocked by my decision to step down as chancellor by next June. It was a difficult step for me, Di-Hwa and our family. Cal is a part of our lives, and we will always be a part of Cal. You can rest assured I will continue to be actively involved no matter what I do, and I will always support the campus in any way I can.

The past six years have been the most rewarding of my life. In deciding to leave, I was determined to pick a time when the future of our great university had never been brighter. This is that moment.

I want to thank you for your friendship and support. Your hard work and dedication are responsible for the successes we have achieved. Our task is not yet done, however, and I'm sure you share with me the desire to make this year even better than the last.