After five months of searching, a new leader has been selected for the Texas A&M University System.
Regents held a teleconference Wednesday before announcing their final choice.
Dr. Bob McTeer, president of the Federal Reserve Bank in Dallas has been selected as the sole finalist for the chancellor position.
The Texas A&M system is one of the largest in the nation with nine universities, seven state agencies and a health science center.
McTeer will now be the head of that complex system.
McTeer has no ties to Texas A&M.
He earned his doctorate at the University of Georgia and has worked for the Federal Reserve for over 11 years.
The position of chancellor is responsible for bringing in millions of research dollars and elevating the university system in the national spotlight.
Current Interm Chancellor Dr. Benton Cocanougher was also nominated for the position.
Regents praised the work he has done in the last 14 months.
Regents say the system needs an aggressive approach.
Erle Nye, regent spokesman, says McTeer is a prominent person who will serve the system's interests in Austin and Washington D.C.
McTeer says he is ready to meet the students and faculty in the system and begin his new job.
"It's going to be a different world for me. Very different from what I've been doing the past few years but I just couldn't be happier," McTeer said Wednesday.
A committee made up of regents will meet with McTeer to discuss salary.
In comparison, Mark Yudof the UT System Chancellor makes close to $700,000 according to the New York Times.
The late Howard Graves who retired in 2003, made over $400,000 as Texas A&M's System Chancellor.
There is a 21-day waiting period before Dr. McTeer will be officially named as chancellor.
In other regent news, Dr. Elsa Morano has been named the sole finalist for dean of agriculture and life sciences at Texas A&M.
Morano will also be the director of the Texas Agricultural Experiment Station.