Babson College, a private business school located in Wellesley, said that its president, Len Schlesinger, will step down at the end of this academic year and that a search committee has been formed to look for his successor.

In a statement, the 60-year-old Schlesinger said: “It is now time to reorient much of my attention to those in my family who both deserve and require it. An orderly transition for the president’s role over the coming months will make that possible.”