The group overseeing the University of Texas System has officially approved Admiral William McRaven as the next chancellor.

The UT Board of Regents approved his appointment at a scheduled meeting today. McRaven will be paid $1.2 million per year to oversee nine universities and six health institutions spread across the state. In a prepared statement, McRaven thanked the regents for their support and praised the current chancellor, Francisco Cigarroa, for his leadership. He added:

“Great universities not only teach—they educate, they build leaders, they create thinkers, and doers—across every aspect of life. This university system should be known for producing tomorrow’s leaders in every field of endeavor.”

Admiral McRaven is a Navy SEAL who has headed the U.S. Special Operations Command since 2011. He led the mission to kill Osama Bin Laden and is a UT graduate who delivered the 2014 UT commencement address. McRaven beat out finalist Richard Fisher, the CEO of the Dallas Federal Reserve Bank. The board voted to make him a non-salaried UT system employee starting in December, when he’ll begin his term as Chancellor-Designate. He’s then set to replace Cigarroa, who announced in February he would step down from the position, at the start of 2015.

McRaven’s appointment is the first of several major changes coming to the University. After pressure — and threats of firing — from Cigarroa, UT Austin President Bill Powers announced he would resign in 2015. The board is in the early stages of searching for Powers’ replacement.