"Billy has decided to focus on his health and we wish him a full recovery," Hocutt said. "We are proud of the young men that he has brought to this campus. Billy's decision allows him to concentrate on his well-being and allows us to turn our attention to preparations for the upcoming season."
Gillispie, who was named head coach on March 20, 2011, will be paid for the remainder of this contract year that runs until April 30, 2013.
Chris Walker, associate head coach, will continue to handle day-to-day operations of the men's basketball program until an interim head coach for the 2012-13 season has been identified.