03/12/2014 15:26 EDT | Updated 05/12/2014 05:59 EDT

UBC picks Arvind Gupta as next president

The University of British Columbia has named a new president to replace Stephen Toope, who held the post for eight years.

Arvind Gupta's five-year- term as UBC's 13th president begins on July 1.

"As a member of the UBC community, I know how great a responsibility and honour this is,” said Gupta in statement released by UBC on Wednesday.

“I have the privilege of taking the baton from Professor Toope who has guided UBC to a strong position. We have exciting days ahead and I relish the opportunity.”

Gupta is a professor of computer science at UBC, a position he will retain while president.

He is also a renowned expert in research and innovation policy and has served on a number of boards and panels, including a federal advisory panel on industrial research and support. He is currently the CEO and scientific director of the non-profit Mitacs.

UBC has more than 58,000 students, 15,000 faculty and staff, and an annual budget of $2.2 billion.