Abilene Christian University's Board of Trustees selected the school's next president Friday after narrowing down their list of prospects to two last month.
The decision to choose Dr. Phil Schubert as Abilene's 11th president was the "culmination of a prayerful process and a diligent, thoughtful national search which led to the consideration of a wealth of excellent prospects," announced Sharron Drury and Jim Porter, co-chairs of the 17-member Presidential Transition Team, on Friday.
"In the end, we found our new leader right here on our campus," they added.
Notably, both Schubert and co-finalist Dr. Rick Lytle are currently part of the ACU staff. Lytle is the ACU Dean of the College of Business Administration and Schubert is executive vice president at ACU.
Schubert has served on the ACU campus for 16 years, having worked as vice president for finance and administration, chief financial officer, director of financial operations, director of student financial services and development officer.
Prior to serving at ACU, Schubert worked for the accounting firm of Arthur Andersen & Co.
Schubert received his B.B.A. in accounting from ACU, an M.B.A. from Duke University and an Ed.D. in higher education management from the University of Pennsylvania.
"Dr. Schubert is an individual in whom the university and this board have tremendous confidence," Dury and Porter reported Friday.
"The fact that someone of Dr. Schubert's caliber will now lead this 104-year-old institution bodes well for ACU's future," they added. "We are excited about the energy and enthusiasm he brings to his new role."
Schubert will be formally taking the reins from outgoing President Dr. Royce Money, who has led the university for 19 years, on June 1.
In his candidate statement, Schubert noted that the decisions ACU faces as it moves into the next era are "daunting."
"[Y]et I can't help but focus on the tremendous opportunities inherent in the work that lies ahead," he added.
"I firmly believe that ACU's future - with God's blessing - is bright," Schubert concluded.
It was last summer that Money announced his plan to transition into the role of Chancellor. The national presidential search team was formed shortly after.