Dame Asha, the principal and chief executive has stepped down with immediate effect.
Dame Asha Khemka has been Principal and Chief Executive of West Nottinghamshire College since May 2006, succeeding Di McEvoy-Robinson.
The college issued a statement this morning (October 1), although they do not have an acting principal, there is a senior leadership team in place.
The news comes after it was revealed that 87 jobs were to be axed at the college in June.
It is not yet known the exact circumstances that have lead to Dama Asha, leaving her £262,000 a year role.
The college was served with a “financial health notice to improve” after being forced to seek a £2,1 million loan from the Education Skills Funding Agency to cover a “short-term cashflow” problem over the summer.
Nevil Croston, chair of governors at West Nottinghamshire College, said:“Following a special meeting of the board of governors and in light of the current challenges faced by the college, the principal and chief executive has announced she has stepped down from her position with immediate effect.
"The board thanks Dame Asha for her service and for the difference she has made to the college and the local community during her tenure.
"We are now working with the Education and Skills Funding Agency (ESFA) and the FE Commissioner’s office to appoint an interim principal until a national search for a
permanent replacement can be implemented.
“Although we are not the only college to experience financial difficulty at this present time, the board and senior leadership team deeply regrets that the organisation has found itself in
"We have every confidence in our ability to successfully implement our recovery plan and ensure our provision for students and employers remains first-class.
"Although we can’t rule out having to approach the ESFA for further funding, we are committed to correcting the college’s finances in a way that minimises disruption to staff, students and the communities we serve while maintaining an excellent experience for our students.
“The college’s strength has always been in providing high-quality education and training that makes a real difference, and the current challenges will not change that.
"We have already made significant progress in achieving this year’s enrolment targets, and across the board we are seeing our students achieve their qualification and move on to their next steps, whether that be further study or employment.
“The focus now is on building on this positive start to the year, working closely with colleagues and their representatives, and with the local community, to ensure our continued success for the future.
“We are very much open for business.”