As stipulated in the act, the chancellor is the university's titular head and is accorded a place of honour at commencement exercises and other functions and may preside at examinations. The chancellor is appointed by the board with the concurrence of the Senate and holds the office for one or more four-year terms. The president is the chief executive officer and chairman of the Senate with the responsibility of managing the direction of academic work and general administration, teaching staff, officers, servants and students. The president is appointed by the board and continues until the board votes otherwise. The office was first referred to as superior until the university received a pontifical charter, when the name changed to rector in 1889. In 2004, the English title of rector was replaced with president.