NORMAN, Oklahoma - The search for David Boren's replacement as president of OU is officially over.

James “Jim” Gallogly, a former Oil and Gas executive, was named the 14th President of the university Monday.

Gallogly is the first former CEO of a Fortune 500 company to be the school's leader.

He brought petrochemical company LyondellBasell out of Chapter 11 bankruptcy to major profits and growth in record time.

“I bring an experience that is different from a lot people here today. With our collective wisdom we will do great things together,” said Gallogly, while making announcement stops Monday in Norman, OU Health Sciences Center in OKC, and Tulsa.

Gallogly went to law school at OU and later became an executive for Conoco Phillips.

The 65-year-old has given the university millions to expand engineering programs.

He is the namesake of the Gallogly college of Engineering in Norman.

“I expect that I’ll be able persuade people to do as I did and support our university,” said Gallogly when we asked if he’s a good fundraiser.

Gallogly said he will work with lawmakers on solutions to restore cuts to education, but first and foremost wants lawmakers to know the money the school will receive from the state is safe.

I want to say to our legislature and our governor, we will be excellent stewards. We will not have waste on campus,”

Gallogly was chosen from a list that included 13 candidates.

He begins work as president July 1, and told News 9 he'll be around a lot in Norman.

When he does get a chance to get away, he said he’ll most likely be at his ranch he purchased in Antler.