LONDON (AP) -- The Bank of England says its deputy governor Paul Tucker will step down later this year after more than 30 years with the central bank.

The bank says that Tucker will likely leave in the fall, but the exact date of his departure will be confirmed "in due course."

The BOE said that Tucker plans to spend "a period of time in academia" in the United States following his exit from the bank.

Tucker said in a statement Friday it has been "an extraordinary honor" to serve the central bank and contribute to monetary and financial stability.

Outgoing governor Mervyn King, who will be succeeded by Bank of Canada's Mark Carney on July 1, said he was pleased that Tucker will support the incoming governor as he settles in.