Apr 27, 2017 10:06 AM EDT By Anne Collins, UniversityHerald Reporter

On Tuesday, the University of Arizona's medical school announced that Tennessee cardiologist, Dr. Guy Reed, will be the new dean. Reed currently chairs the University of Tennessee's department of medicine.

Reed is set to begin in July as of University of Arizona's College of Medicine in downtown Phoenix. He will be paid the annual compensation of $700,000. UA pays the Tucson medical school dean an identical amount, according to a university spokesman.  AZ Central reported.

Reed said he plans to build on what the Phoenix medical school has accomplished over the past decade. He added that there is a special feeling there in the students, faculty, staff and people from the community. He said there is passion, excitement and optimism that will allow him to build something special there.

Dr. Edward Shortliffe opened the school in 20017 and was replaced by Dr. Stuart Flynn in 2008. Reed will be the third dean of the Phoenix medical school. Dr. Kenneth Ramos has served as interim dean for the past year and will transition into a new role when Reed assumes the position, said Dr. Leigh Neumayer, UA's interim senior vice president for health sciences.

Neumayer said there were two finalists who were exceedingly qualified for the position, but Reed's background and experience was a huge factor. The other finalist was a professor at the University of Southern California's Keck School of Medicine, Dr. Brent Polk. Neumayer said Reed was able to double the size of University of Tennessee's department of medicine and was able to develop a clot-dissolving drug that is now being tested in clinical trials.

The Colorado native completed medical school at Stanford University, had his internal medicine residency at Yale University, had his cardiovascular disease fellowship at Massachusetts General Hospital and his research fellowship in bio chemistry and molecular biology at Harvard Medical School. He then served as a cardiologist at Massachusetts General Hospital and faculty at Harvard Medical School and Harvard School of Public Health.

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit