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The University of Akron's new president is Scott Scarborough, provost at the University of Toledo.

(University of Akron)

Scott Scarborough

AKRON, Ohio -- Scott Scarborough, provost and executive vice president for academic affairs at the University of Toledo, was named the

new president today, ending a bid by Jim Tressel to get the job.

Tressel, former football coach at Ohio State University, still is

for president at Y

He is an Akron vice president.

University of Akron trustees, who comprised the

,

from three finalists, who each spent a day on campus last week. In addition to Tressel, the other finalist was Ronald Nykiel, the provost at the University of Maryland Eastern Shore.

Scarborough, 51, will receive a five-year contract and his initial salary is $450,000 a year. He will be eligible for an annual performance bonus of up to $80,000, be provided a home, a automobile stipend and club memberships. He will also have annual deferred compensation of $80,000.

Scarborough was out of town with his wife, Tammy, and will not comment until he is introduced by the university on Monday.

In a statement the new president said he was thrilled to receive the call from trustee chairman Richard Pogue with the news of his appointment and looks forward to working with the faculty, staff and students at the university.

Much of Scarborough's background is in finance administration, which Pogue said was the number one reason in his opinion that Scarborough was qualified for the position.

UA has been battling budget deficits for more than a year.

“He has a great financial background, and we feel that will help,” Pogue said.

Scarborough’s experience at a public institution in Ohio also made him highly qualified, Pogue said. Scarborough will replace Akron President Luis Proenza, who is retiring after 15 years.

Pogue made a point at the meeting where Scarborough's appointment was announced to cite Tressel’s accomplishments and how grateful the university was for his dedication to student success.

“He brought positive change and outstanding accomplishments,” Pogue said. He would not say later if he thought Tressel would be leaving for YSU.

Tressel came to Akron in 2012, and is the executive vice president for student success.

YSU trustees are scheduled to meet Friday morning. The other finalists there are Mary Cullinan , president of Southern Oregon University in Ashland, Oregon and Gary Miller, chancellor of the University of North Carolina-Wilmington.

Three of the university’s union leadership endorsed Tressel for president, the Youngstown Vindicator reported.