Indicted Regent Jim Hayes resigned from the Board of Regents on Friday, two days after a Senate committee began impeachment hearings.

Hayes, who, along with his wife, was indicted in January on money laundering, theft and conspiracy charges, submitted a formal letter of resignation to the governor's Anchorage office. Hayes' lawyer confirmed his client was resigning, according to a spokeswoman for the governor.

"My decision to resign has not come easily," Hayes wrote. "I firmly believe that I am innocent of the charges against me; in addition, I am presumed in law to be innocent of those charges until, if ever, I am found guilty of them."

The governor's office received Hayes' resignation letter hand delivered shortly before 11 a.m. on Friday by someone other than Hayes, according to a spokeswoman for Palin, Meghan Stapleton.

In a statement, Gov. Sarah Palin said she was "pleased" with Hayes' decision.

"I feel as though a cloud over the university has been lifted and the regents can now focus on the university's issues and move forward," she said.

Palin had asked Hayes to resign shortly after he was indicted. But Hayes declined and said he planned to stay in his seat until his term expired in 2011.

The Senate Health, Education and Social Services Committee discussed Wednesday whether to hold impeachment hearings for Hayes. But the process was estimated to cost $425,000, and many lawmakers said they were unwilling to spend that money just to impeach Hayes.

Sen. Joe Thomas, D-Fairbanks, said he thinks it was for the best that Hayes resigned.

"I think he's got other things on his mind, so I don't think he would be particularly helpful with university business," Thomas said.

Sen. Thomas Wagoner, R-Kenai, agreed. Wagoner sponsored the resolution seeking Hayes' impeachment.

"Jim's got a lot of things on his plate, a lot of things on his mind," Wagoner said. "Now he can take care of other things that are far more important."

Regent Cynthia Henry, the only remaining board member from Interior Alaska, said that not only was it the best decision for the university and the board, but that it would also help Hayes.

"By leaving the Board of Regents, I think he'll get a little privacy that he needs," Henry said.

Serving as a public figure, Hayes' life was of public interest, Henry said. But having left the board, the public and the media might not pay as close attention to his life, she said.

Regent Chair Mary Hughes in a statement thanked Hayes for his service.

"I certainly understand his reasons for resigning, to take care of his wife and devote the necessary time and energy preparing his defense," Hughes, an attorney in Anchorage, said. "I'd also like to reiterate that the federal case is not about the University of Alaska, and no university grants or funds are the focus of the indictments."

A federal grand jury in January indicted Hayes with 23 counts and his wife, Chris, with 92 counts of money laundering, theft and conspiracy involving misuse of federal funds for the nonprofit LOVE Social Services.

Hughes said she looked forward to Palin's appointment of a replacement, and noted the next meeting is in June in Fairbanks.

"We have much to do, and need the full strength of an active, engaged board to get it done," she said.

Who will fill the vacancy Hayes resignation leaves is still being discussed. Stapleton said the governor will announce a replacement for Hayes "in the near future," though not immediately. The governor came up with a shortlist of replacements after she asked Hayes to resign, she said.

In a follow-up e-mail, Stapleton added that the governor planned "to name a replacement as soon as possible – we envision that to be before the session ends."

The legislative session ends May 16.

"As you can imagine, we are anxious to find a replacement," she said. "We do not have an active list at this point, so we'll go back and inquire with those who were interested before and we'll look at some other names raised in the interim."

Stapleton did not know who was on the list, nor if there was anyone from Fairbanks to replace Hayes.

Interior lawmakers have voiced the concern that if Hayes were to resign, Henry would be only Fairbanks member left.

Thomas, a former regent himself, noted that the last few appointments had been from other parts of Alaska rather than the Interior.

"There's usually a regional distribution, and it's gotten pretty thin in the Fairbanks area," Thomas said.

Stapleton said "the governor is aware of the concern."

On Sunday, the ASUAF Senate passed a resolution sponsored by Sen. Henry Cole demanding Palin appoint either someone from Fairbanks or a UAF graduate.

Wagoner had heard from a friend that someone from the Mat-Su Valley might be chosen to fill the empty seat. But, like Thomas, he agreed the governor should consider the regional distribution in her decision.

"In all likelihood, it'll be someone from Fairbanks if they have good, qualified people," Wagoner said.

The appointment would need to happen soon to get through the legislative hearings and be approved by the Legislature, Henry said.

"My input would be to urge her to choose someone from Fairbanks to maintain the statewide balance on the board," Henry said.

Henry added that while people were thinking about the present and future, it was important to remember the contributions Hayes had made to the university.

"I would publicly thank Jim Hayes for his service," she said. "In the earlier years of his term he did devote a lot of time and energy to the board."