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.

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Penn State students held a brief demonstration on campus in support of Joe Paterno.  Mike Galanos reports on AC360.