State College, Pennsylvania (CNN) -- Coach Joe Paterno and the president of the school have lost their jobs, effective immediately, over a child sex abuse scandal at Penn State, university trustees announced Wednesday night. 

"What can I say, I'm no longer the coach," Paterno told a crowd of about 15 students gathered outside his house late Wednesday night. "It's going to take some time to get used to. It's been 61 years." 

The crowd cheered and said, "We love you, Joe." 

"I love you, too!" Paterno replied. 

Paterno's wife, Sue, was visibly upset while standing beside him on the front steps. 

John P. Surma, vice chairman of trustees, said that President Graham Spanier was being replaced and Paterno, the longtime head football coach, would not finish the remainder of the season. 

Nittany Lions defensive coordinator Tom Bradley will serve as interim head coach. Rod Erickson, executive vice president and provost of the school, will be interim president, school officials said. 

Stunned Penn State students congregated after the announcement. 

Spanier has been president of the school since 1995. 

Paterno was given the news of the unanimous decision early Wednesday evening in a telephone call made by chairman of the board Steve Garban and Surma. Asked Paterno's reaction, Surma said, "That's a private discussion that I would rather not characterize." 

Surma said he hoped that the school's 95,000 students and hundreds of thousands of alumni would believe the decision "is in the best long-term interest of the university, which is much larger than athletic programs." 
Why was Paterno fired?
Coach Joe Paterno and the president of the school have lost their jobs, effective immediately, over a child sex abuse scandal at Penn State,