Toms River Schools Superintendent Michael Ritacco sent a letter to the school board Thursday saying he is retiring effective Friday morning.
The board unanimously accepted his retirement and named an assistant superintendent as interim schools chief.
Ritacco turned himself in to federal authorities Thursday morning. He was later ordered released on $1 million bail.
Prosecutors say Ritacco concealed more than $1 million in bribes between 2002 and 2010 from insurance brokers and other service providers.
His attorney says Ritacco was not a party to any criminal activity.