The Board of Regents named Eric Kaler as 16th president of the University of Minnesota Thursday.
The board unanimously voted for the Stony Book University provost and University of Minnesota graduate, according to the Star Tribune.
Kaler, 54, signed a four-year contract with a salary of $610,000 and retirement payments of $50,000 during years two through four, according to the Pioneer Press.
He will remain as provost in the State University of New York system until the current president, Robert Bruininks, steps down in July, according to the Star Tribune.
Kaler received his Ph.D. in chemical engineering from the University of Minnesota in 1982, according to the Star Tribune.
"The opportunity to come back to a place that was so meaningful to me, at such an important time for the university, and is such a wonderful place to start a presidency -- it's just a thrill beyond words," Kaler told the Star Tribune.