NORFOLK, Va. (WVEC) -- A new interim president has been named for Norfolk State University.

Dr. Melvin Thomas Stith was announced as the new interim president during a Board of Visitors meeting on Friday afternoon. Stith graduated from NSU in 1968 and has served on the Board of Visitors for the last four years.

Right before the announcement, outgoing president Eddie Moore said the university faces a list of challenges. Two years ago they almost had to close down after being put on probation by its accreditor.

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President Moore said NSU needs to work on fundraising, increasing student enrollment and increase their operational revenue or risk increasing student tuition.

We asked Dr. Stith what he plans on doing once he assumes office: "Looking at the finances in terms of maintaining a balanced budget. Looking at infrastructure on campus what would be the appropriate set of capital improvements that we have to do," he replied.

A spokesperson for the Board of Visitors said they didn’t even consider other candidates for interim president, because they knew Stith would be the right fit.

He takes over as interim president on January 1.