According to the Associated Press, Shelby County businessman and former Saks, Inc., CEO Brad Martin will run the University of Memphis until a successor to retiring President Shirley Raines is found.

Tennessee Board of Regents Chancellor John Morgan appointed Martin to the temporary post Tuesday and Martin said he will not be a candidate to succeed Raines.

The Commercial Appeal quoted Morgan as saying Martin has a clear understanding of the value of U of M and its role in society.

Martin is a 1976 U of M graduate and chaired the school's Board of Visitors and the University of Memphis Foundation Board.