In a news release on Friday, the downtown university's board of governors chair said Levy agreed to stay on for "up to two years" after the search committee was unable to find a suitable candidate to be his successor.
"We had sincerely hoped that at this time we would be announcing the completion of our search. However, no candidate for the position is being brought forward to the community," said Janice Fukakusa.
She noted the committee is not as far along in its search as it had hoped but assured that it is "seeking the best possible president for our great university."
"Our search committee has worked extremely hard over the past 13 months, and I want to commend each member of the committee for their commitment to the task of finding the best possible candidate to be the next president."
Levy, initially, had plans to step down this summer. The president, touted for his revitalization of the downtown campus, took office in 2005. He was re-appointed to a second term, which began in 2010.
"We know that president Levy was making plans for the next phase in his life, and we are very grateful for his support and dedication to the university, and for agreeing to continue in his role," Fukakusa said of Levy's decision.