Wallace - who has led the school for 11 years - will take a one-year sabbatical and then will transition to the honorary role and title of university chancellor.
Board of Trustees Chairman Ben Thompson said the panel will immediately begin searching for Wallace's successor.
Wallace expanded Campbell's health programs to complement its pharmacy school and established the first new medical school in the state in 35 years. He also led the effort to move the school of law from Campbell's main campus in Buies Creek to Raleigh in 2009.
