Academy of Motion Picture Arts and Sciences president Cheryl Boone Isaacs will not run for the academy's board of governors in the next election.

Boone Isaacs has served on the academy's ruling body, which hosts the Oscars ceremony, for 24 years and as the first black president — the third female — for the last four years. Boone Isaacs was not eligible to run for president following the completion of her fourth one-year term. But she was eligible for one more three-year term on the governors board.

However, Boone Isaacs put out a statement Friday saying she would also not seek her seat in the upcoming elections (nomination for board voting opens May 15).

“It’s been my greatest honor serving on the academy’s board of governors in numerous capacities for more than two decades, and it will be a privilege to provide the opportunity for new voices to have a seat at the table," the statement said.

Boone Isaacs' term as president has featured initiatives to promote diversity within the academy, including expansion of the ruling body, which is the official host of the annual Academy Awards.

Her term as president was marred by an embarrassing flub at this year's Oscars ceremony, when the academy's accounting firm handed presenters the wrong envelope for the best-picture award, resulting in the wrong movie being announced as the winner.