School District of Philadelphia Superintendent Arlene Ackerman stepped down today. The school district statement is embedded below.

Ackerman took over as superintendent of the city’s public schools in June 2008 and her contract was due to run through 2014. Ackerman’s contract will be bought out for $905,000. Some $500,000 of that money will come from the School District and $405,000 will come from anonymous private contributions, according to a District statement.

Graham reports that a national search will be conducted for a replacement. More details about Ackerman’s resignation and the financial terms under which she left will likely be disclosed at the Aug. 24 meeting of the School Reform Commission.