FILE - In this May 17, 2014 file photo Naval Adm. William H. McRaven, an alumnus, does the Longhorns' Hook 'em Horns hand signal during his commencement keynote address at the University of Texas in Austin. The University of Texas System regents on Tuesday, July 29, 2014, selected McRaven as the lone finalist for the job of chancellor, overseeing the systems 15 campuses and $14 billion budget. (AP Photo/ The University of Texas at Austin, Marsha Miller, File)

AUSTIN, Texas University of Texas System regents on Tuesday selected one of the top U.S. military special operations leaders as the lone finalist for the job of chancellor, overseeing the system's 15 campuses and $14 billion budget.

Navy Adm. William McRaven, head of U.S. Special Operations Command in Tampa, Florida, has been credited with spearheading the operation that led to the death of Osama bin Laden in a raid on his compound in Pakistan in 2011.

"Admiral McRaven is a nationally and internationally respected leader and a true American hero," Board of Regents Chairman Paul Foster said after the unanimous vote to approve McRaven.

McRaven, 58, cannot be formally hired for 21 days. He would replace Francisco Cigarroa, the first Hispanic person to serve as Texas system chancellor, who is stepping down after five years.

Contract terms, including McRaven's salary, were not finalized, Foster said.

With nine academic and six health campuses, the Texas system has more than 215,000 students, about 90,000 employees. The chancellor's duties include representing the system in legislative matters, advocating higher education causes and raising money.

McRaven, who had previously announced his plans to retire in late August after 37 years in the military, would come to the chancellor's job with no professional academic experience. He is a graduate of the University of Texas at Austin and earned a master's degree from the Naval Postgraduate School.

Foster said the regents discussed McRaven's lack of higher education experience but decided he didn't need it. Foster said McRaven showed a "passion" for higher education and added that the regents decided "the chancellor's role was more one of management than academia."

What the regents will get, once McRaven's appointment is formalized in a final vote, is a military leader who since 2011 has commanded and overseen a 67,000-person, $10 billion operation and who has experience dealing with Congress and the White House.

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University of Texas System regents pick special ops commander as chancellor finalist