Athletic director Tim Curley and Vice President for Finance Gary Schultz were charged Tuesday with not reporting the sexual abuse to police and lying to a grand jury under oath during the investigation.
Paterno has coached Penn State's football team for 46 years and is the winningest coach in top level college football ever.
"I have been incredibly blessed to spend my entire career working with people I love," he said in his written statement following his dismissal. "I am grateful beyond words to all of the coaches, players and staff who have been a part of this program. And to all of our fans and supporters, my family and I will be forever in your debt."
Tom Bradley has been named interim coach for the rest of the season, John P. Surma, vice chairman of Penn State's board of trustees, told reporters this evening.