Michael Hogan was introduced at the university's Chicago campus Wednesday morning.
Hogan has been president of the University of Connecticut since 2007.
The Iowa native also served as the University of Iowa's executive vice president and provost. He said a money shortage is the main concern of higher education.
"I think all public higher education has to pay as much attention to the cost structure as it does to its revenue streams. And I thing we're going to be looking very closely at how we can focus our resources to make sure that the best parts of the university remain intact, and actually continue to improve," said Michael Hogan, nominee for University of Illinois president.
If the University of Illinois board approves Hogan, as is expected, he will take office July 1st.