Texas Tech Chancellor Kent Hance will assume a new position in 2014.

Hance, who announced his retirement in October of this year, will serve as chancellor emeritus after the next chancellor is selected in 2014.

As chancellor emeritus, Hance will no longer report to the Texas Tech Board of Regents, and will report directly to the next chancellor.

Hance will also continue to teach his leadership class at Tech as well.

According to Board of Regents Chairman Mickey Long, Hance will still be involved in fundraising and governmental relations in both Washington, D.C. and Austin.

His three-year contract pays $240,000 annually.

Long pointed out Hance’s personal contributions in a press release on Friday, saying “During his seven-year tenure as chancellor, he has personally given or committed more than $8 million to his alma mater.”

Hance and the Texas Tech System launched a capital campaign in September 2010 that raised $1.069 billion, the most successful financial campaign in the history of Texas Tech.

He will move from the TTU System Chancellor’s residence when a new chancellor is appointed.

Should the new chancellor choose to terminate Hance’s transitional duties prior to the end of the contract, Hance will continue to receive his salary. If Hance continues as a faculty member after his three-year term is up, he will be paid a salary equivalent to others performing similar duties.

Hance has served as chancellor since December 2006.