(CHAPEL HILL) -- North Carolina has hired Tulsa athletic director Lawrence "Bubba" Cunningham as the school's next athletic director. University trustees approved the hiring in a meeting Friday morning.

Cunningham's start date is November 14 and his contract runs through June 2017. He will make $525,000 annually and will receive a $40,000 annual expense allowance. He can receive bonuses for average team academic performance, as well as when the football team reaches a bowl or the men's and women's basketball teams reach the NCAA tournament.

Cunningham will replace Dick Baddour, who is stepping down after 14 years amid the ongoing NCAA investigation into the football program. Chancellor Holden Thorp, who attended the trustees meeting, has said Baddour would remain on at least through the school's appearance before the NCAA infractions committee on October 28.