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Penn State's Joe Paterno ousted immediately

Paterno says he wishes he had done more to help victims of a sex abuse scandal.

Paterno 2011 11 08Enlarge
Head coach Joe Paterno of the Penn State Nittany Lions during warmups before facing the Alabama Crimson Tide at Bryant-Denny Stadium on Sept. 11, 2010 in Tuscaloosa, Ala. (Kevin C. Cox/Getty Images)

Penn State head football coach Joe Paterno and school President Graham Spanier have lost their jobs effective immediately, the university's trustees announced Wednesday night. The move comes amid a mounting sex scandal case that happened on their watch.

John P. Surma, vice chairman of trustees, told CNN that Paterno will not be allowed to finish the end of the season, and Spanier will be replaced by an interim president.

Paterno announced in a statement earlier Wednesday that he would retire at the end of this season.

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“I am absolutely devastated by the developments in this case. I grieve for the children and their families, and I pray for their comfort and relief,” he said in the statement, CNN reported.

He said his job has been to serve the interests of the university and his athletes.

"That's why I have decided to announce my retirement effective at the end of this season. At this moment the Board of Trustees should not spend a single minute discussing my status. They have far more important matters to address. I want to make this as easy for them as I possibly can."

Penn State’s Board of Trustees decided Wednesday that Paterno cannot finish the season.

Paterno, 84, who’s been head coach for 46 seasons and led the school to two national championships, also said Wednesday that he regrets not doing more to help those affected by the sex abuse scandal.

"This is a tragedy. It is one of the great sorrows of my life. With the benefit of hindsight, I wish I had done more."

Paterno has been criticized for how he handled information regarding sexual accusations against his former defensive coordinator, Jerry Sandusky, Fox News reported. Sandusky was charged last weekend with sexually abusing eight boys between 1994 and 2009.

Paterno has been criticized for how he handled a report of an incident involving Sandusky and a 10-year-old boy in 2002. When Paterno heard of the incident, he immediately notified university administrators. He did not, however, contact the police, nor did he ban Sandusky from the football complex, ESPN reported.

More from GlobalPost: Paterno to leave, sources say

http://www.globalpost.com/dispatch/news/regions/americas/united-states/111109/penn-states-paterno-resign