CHAPEL HILL, N.C. -- It has been a busy 24 hours for UNC-Chapel Hill.

The base was then removed overnight, causing a mix of applause and outrage to those who have been following the ongoing saga over the fate of the statue.

Tuesday afternoon, the UNC Board of Governors called an emergency meeting. Following the meeting it was announced that Folt will now leave at the end of January.  

"The presence of the remaining parts of the monument on campus poses a continuing threat both to the personal safety and well-being of our community and to our ability to provide a stable, productive educational environment. No one learns at their best when they feel unsafe," said Folt.

Monday evening, protesters claimed victory over the resignation in a news conference where Silent Sam once stood.

"Chancellor Carol Folt's decision to remove the Silent Sam stump is not a product of her own moral courage. It's a product of decades of direct action from anti-racists," said protester Lindsay Ayling.

The university has until March to decide what to do with the actual statue.

Protesters, however, say they'll keep speaking out until Silent Sam's reign is over. Tuesday night they held a celebration for the statue's removal.

Folt has been with the university since 2013.

She released the following statement about her departure: 

“While I’m disappointed by the Board of Governors’ timeline, I have truly loved my almost six years at Carolina. Working with our students, faculty and staff has inspired me every day. It is their passion and dedication, and the generosity of our alumni and community, that drive this great University. I believe that Carolina’s next chancellor will be extremely fortunate, and I will always be proud to be a Tar Heel.” -- Chancellor Carol L. Folt

The Board authorized UNC System Interim President Roper to appoint an interim chancellor at such time as he deems appropriate.