The trustees of the National Graduate School of Quality Management have removed the tiny business college’s president from office following an outcry over his compensation and lavish benefits, according to The Boston Globe.

Robert J. Gee, who founded the Falmouth, Mass., school in 1994, will return to teaching and perform “other activities” related to an upcoming review by the New England Association of Schools and Colleges, according to an e-mail from board chairman Thomas C. Kneaval.

The association, an accrediting body, moved the college’s scheduled 2014 review up by two years following revelations about its spending. The Massachusetts attorney general’s office also launched an investigation after the Globe reported in April that Mr. Gee earned about $733,000 in 2009 and the college spend hundreds of thousands of dollars on luxury cars, Caribbean travel, and other perks for the president and his wife.

The school has fewer than 400 students, who take courses remotely. Mr. Gee’s 2009 compensation represented more than 10 percent of its budget.

A spokeswoman for the board declined to say whether it had reduced Mr. Gee’s pay but said his removal as president “is a clear sign that the board is acting responsibly to fulfill its fiduciary duties and to ­assure that the school continues its accreditation.”