He will be the first person of color to lead the system.
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Drake, 69, spent much of his academic career in the UC system, including a term as chancellor at UC Irvine and as the systemwide vice president for health affairs from 2000 to 2005. He was president of OSU from 2014 until last week.
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"Much has changed in the 15 years since I was given the privilege of becoming chancellor at UC Irvine, but not my absolute belief in this great University and its time-honored mission," Drake said in a statement released by the UC system.
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Drake is replacing Janet Napolitano, who announced in September she would step down after seven years as president of the UC system.
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The UC board approved Drake's salary at $890,000.
The UC system consists of 10 campuses and more than 280,000 students.
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