PHILADELPHIA (CBS)—Duke University has named University of Pennsylvania provost, Vincent Price as their tenth president.

The announcement was made on Friday by David Rubenstein, chair of the university’s Board of Trustees.

Price will succeed current president, Richard H. Brodhead on July 1, 2017

“I could not be more pleased with this decision, for Vince Price has demonstrated throughout his distinguished academic career the type of strong, effective and enlightened leadership which will ensure that Duke has a worthy successor to Dick Brodhead,” said Rubenstein.

Price earned a Ph.D.  in 1987 and master’s degree in 1985 in communication from Stanford University and graduated magna cum laude with a bachelor of arts degree in English from the University Honors Program at Santa Clara University in 1979.

He has served as provost of the University of Pennsylvania since 2009.

“Dick Brodhead’s extraordinary leadership magnified these core values and brought Duke to the pinnacle of global universities. Now our collective challenge is to build upon and extend that work: to make Duke an ever more powerful voice for education and innovation, an ever more effective model for openness, diversity and inclusion, and an ever more engaged institution dedicated to identifying and solving the great challenges of society,” Price told the university. “I am deeply honored to be a part of this most dynamic university, and I look forward to working with our faculty, students, staff, alumni and many friends around the world.”

Price is married to his wife Annette and have two children: Sarah, 27, a graduate student at the University of Arizona, and Alexander, 25, who lives in Devon, Pennsylvania.

READ MORE on Duke’s announcement HERE.