For the purpose of assisting the Board in carrying out its authority and responsibility for the community and technical colleges, the Board shall appoint a Chancellor who will also be Chief Executive Officer of the Alabama Community College System. The Chancellor shall serve at the pleasure of the Board and perform such duties as are provided in Alabama law or otherwise as are assigned by the Board. The Board may enter into a contract with the Chancellor for his or her services for a period not to exceed four years. The Chancellor shall be a person of good moral character with academic and professional education equivalent to graduation from a regionally accredited university or college, who is knowledgeable in postsecondary institution administration, and has training and experience sufficient to qualify him or her to perform the duties of the office.