In 1937, two years after his selection as dean of IU's business school, Wells was offered the position of acting president following Bryan's unexpected resignation. Wells accepted on the condition that he not be considered for the permanent presidency of the university, because he did not feel he was adequately prepared to take on the president's responsibilities. Wells became interim president effective July 1, 1937. McNutt, who was rumored to be the front-runner for the permanent IU president's post, withdrew his name from consideration, and on March 22, 1938, the IU board of trustees unanimously elected Wells from its remaining slate of candidates as the university's eleventh president. Wells was inaugurated on December 1, 1938, as the youngest state university president in the nation. Wells held this post until his retirement in 1962.