University of Michigan alumnus and business school namesake Stephen M. Ross announced Thursday at a university event that he'll be stepping down as chief executive officer of The Related Companies, the Michigan Daily reported.

The newspaper said Ross and Jeff Blau, president of the real estate firm and fellow U-M alum, were conducting a question-and-answer session at the Stephen M. Ross School of Business when he unexpectedly made the announcement.

Blau, for whom Blau Auditorium is named, will take over as CEO, according to the report.

The Related Companies is well-known for developing the Time Warner Center.

A March 2012 Forbes article says Ross, 72, is one of the richest developers in New York and puts his net worth at $3.1 billion

Read the full Michigan Daily story here.