James Cash, a professor emeritus atHarvard Business School, will leave Microsoft's board of directors, Microsoft announced today.

Cash has served on the board since May 2001, and says he will not seek re-election at the company's 2009 shareholder meeting, citing "increased pressure on his time from other professional and personal commitments," according to Microsoft's statement. His term will end at the Nov. 19 meeting.

"This was a difficult decision. I have tremendous respect for my colleagues on the Microsoft board, and I have enjoyed the work we’ve done together over the past eight years,” Cash said in the statement. “Microsoft has a tremendous innovation pipeline coming to market over the next two years, so the company is well-positioned for growth as the economy improves.”

Microsoft Chief Executive Steve Ballmer said he appreciated Cash's contributions. “Jim has brought tremendous wisdom and judgment to our board, as well as keen insights into our enterprise business efforts based on his academic work at Harvard," Ballmersaid in a statement.

Cash was the board's only African American and person of color. The other remaining members include: Microsoft Chairman Bill Gates, Ballmer, former JPMorgan Chief Financial Officer Dina Dublon, former Merck chairman Raymond Gilmartin, Netflix Chief Executive Reed Hastings, Harvey Mudd College President Maria M. Klawe, August Capital Partner David Marquardt, former AT&T Vice Chairman Charles Noski; and former BMW Chairman Helmut Panke.

The board has not decided whether to replace Cash.