The Georgia Board of Regents named G.P. "Bud" Peterson the next president of Georgia Tech on Wednesday.

The board voted unanimously to hire Peterson, 55, chancellor of the University of Colorado's Boulder campus.

He was the only finalist from a national search to replace longtime President G. Wayne Clough, who left in June to lead the Smithsonian Institution in Washington, D.C., after serving since 1994.

"As an engineer, this is, of course, great professional fulfillment," Peterson said. "Georgia Tech is at the forefront of innovation and discovery at a time in our nation's history when both are a great necessity. I'm privileged to be a part of these efforts."

Peterson, who has a Ph.D. in mechanical engineering, is a former NASA researcher who has headed the flagship campus of the University of Colorado system since 2006. He was picked from a pool of 38 applicants to lead the 19,000-student Georgia Tech.

He was scheduled to be on the Georgia Tech campus Wednesday afternoon to meet students, faculty and staff members. He is expected to take office April 1.

Peterson will earn a $440,000 annual salary, with $150,000 of deferred compensation and a $12,000 car allowance.