Wendy Hensel, 54, executive vice chancellor and university provost for The City University of New York, was unanimously selected today by University of Hawaii regents to become the next UH president, with an annual salary of $675,000.

If she accepts, Hensel will take over the 10-campus system following the December retirement of current President David Lassner.

Several regents were disappointed that the search to find UH’s 16th president did not produce a qualified local candidate.

But, ultimately, “This is a big day for everybody,” said former Gov. Neil Abercrombie, who now serves as one of 11 regents.

Several regents had plenty of praise for the other finalist, Julian Vasquez Heilig, 49, provost and vice president of academic affairs at Western Michigan University, but ultimately voted for Hensel.

She will earn $675,000 for each of three years, with an option for two more years, in addition to a $7,000 a month housing allowance and moving expenses.

The regents’ offer to Hensel — a Harvard Law school graduate, U.S. Supreme Court intern and former dean of the Georgia State University Law School — includes a “fall back” position for a tenured position at UH’s William S. Richardson School of Law if she steps down as UH president.

“I don’t have any reservations” about Hensel, said Student Regent Joshua Faumuina, who studies at the UH law school.

Like other regents, Abercrombie also praised Vasquez Heilig and the future for his academic career.

“Dr. Vasquez Heilig’s day is coming,” Abercrombie said.

Vice Chair Laurie Tochiki, a law school graduate and parent of a UH-Manoa graduate, called Vasquez Heilig “an up and comer in so many ways.”

But she ultimately preferred Hensel for, among other qualities, “demonstrating grace under fire.”