Dec 03, 2016 06:31 AM EST By Emily Marks, UniversityHerald Reporter

Duke University has announced their tenth and latest president. Vincent Price was elected as president of the institution on Friday.

Duke Today reported that Price has been the provost of the University of Pennsylvania since 2009. He is also the chief academic officer at Penn and the Steven H. Chaffee Professor of Communication in the Annenberg School for Communication and professor of political science in the School of Arts and Sciences.

The 59-year-old provost was selected by the Duke University Board of Trustees on Friday morning. David Rubenstein, chair of the university's Board of Trustees, made the announcement.

He will be taking over Richard H. Brodhead's role on Jul. 1, 2017. Back in April, Brodhead announced that he had planned to step down after 13 years of serving as Duke University's president.

Rubenstein deemed Price as the ideal person to lead Duke University next. "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," he said.

"Duke has been fortunate in its history to have had a tradition of gifted leaders and educators serve as president," he added. "As will be apparent to the members of the Duke community as they get to know him, Vince Price is certain to be within this long tradition."

Price deemed Duke University as a "special place where innovation is fueled by creativity." He believes that the institution is dedicated to improving the world through research, service and education.

"I am deeply honored to be a part of this most dynamic university," Price said, "and I look forward to working with our faculty, students, staff, alumni and many friends around the world."

Meanwhile, according to The News & Observer, Dr. H. Keith H. Brodie, the seventh president of Duke, has died on Friday at 77 years old. He is a psychiatrist who led the school from 1985 to 1993.

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