Krebs has held the position since 2006 and he's been at the helm for 57 Mountain West championships.
"I am proud of my 11 years of service to the University of New Mexico and our accomplishments as a Department," Krebs said. "I have had the privilege of working with great coaches and staff during my tenure. Even more important, I am proud of our student-athletes, their character, and how they have represented the University on the playing field and in the community."
Krebs faced criticism last month after an investigation concluded he organized a luxury golf trip to Scotland in 2015 with public funds for donors as well as local businessmen.
New Mexico president Chaouki Abdallah criticized the $65,000 trip and the Lobos faced an investigation into their spending.
"I thank Paul Krebs for his outstanding leadership of UNM athletics," Abdallah said. "His tenure will go down as the most productive and successful in school history. Paul has tried to retire several times over the last year, and now I finally have reluctantly agreed to accept his retirement. Paul and Marjori have been very active in serving the University community, our city and our state. I wish Paul the best in his retirement."
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