CHAPEL HILL - A board has elected Dartmouth College interim president to become the next chancellor of the University of North Carolina at Chapel Hill.

The UNC Board of Governors selected Carol Folt on Friday to become the first female chancellor of North Carolina's flagship university. In accepting the position, Folt said she's learned much about the country's oldest public university.

I've also learned how it's known as a place where students matter, it's known where staff matter, and it's known for a place where community counts."

Folt replaces Holden Thorp, who has been chancellor since 2008. He resigned after two years of scandals involving academic fraud, improper travel spending by fundraiser's, and special treatment for athletes.