Penn State trustees chairwoman Karen Peetz won't run for another term as leader of the university's governing body, but will remain on the board.

The school made the announcement Tuesday, five days after Bank of New York Mellon promoted Peetz to president of the company effective Jan. 1. Peetz is currently the CEO of the bank's financial markets and treasury services business.

In a statement, Peetz cited the demands of her new post as a reason for not running for another one-year term as trustees chair.

A trustee since 2010, Peetz took over as chairwoman this past January. She has led the board's efforts to reform university governance in the aftermath of the child sex abuse scandal involving retired Penn State assistant coach Jerry Sandusky.