Oregon State announced on Monday that the school and coach Gary Anderson have parted ways.

"After many discussions with [athletic director] Scott [Barnes], waiving my contract is the correct decision and enables the young men and the program to move forward and concentrate on the rest of the season," said Andersen in a release from the school. "Coaching is not about the mighty dollar. It is about teaching and putting young men in a position to succeed on and off the field. Success comes when all parties involved are moving in the same direction."

As part of his decision to step down, Andersen forfeited the money remaining on his contract. He had just signed a contract extension at Oregon State in January that was to keep him with the program through 2021. Anderson was set to receive $2.65 million this season and would have picked up a $100,000 raise through each remaining year of the deal.

Andersen took over the Oregon State job following the 2014 season, surprising many in the college football world when he left Wisconsin after compiling a 19-7 record in two years. The Badgers were coming off a division title and a trip to the Outback Bowl at the time.

He was hired by the Badgers after Bret Bielema left Wisconsin for Arkansas. Andersen had just come off an 11-2 season at Utah State when athletic director Barry Alvarez pegged him as his new coach.

The Beavers are 1-5 this season under Andersen and have gone 7-23 in his tenure, losing their last four games by a combined score of 180-54.

This was Anderson's third season at Oregon State.

Assistant Cory Hall will take over as interim coach.