In a written statement, President Clinton called Shalala "a talented manager and an energetic leader who will bring great experience to the task of leading the university, its students, its faculty and its alumni."
"I have no doubt she will be a real asset to the university and its community," wrote Clinton.
Within the past decade, Miami has become one of the nation's largest research universities, with research funding up to $193.9 million and private endowments over $100 million.
"This is an important and challenging time for higher education," Shalala said in a Miami press release.
Cobb said he hoped Shalala would help Miami continue its financial growth.
"Business Week named her one of the five best managers in higher education," Cobb said in the press release.
Her resume boasts impressive financial achievements in the past. Shalala helped save New York City from a financial downturn in 1975 to 1977, when she was treasurer of the city's Municipal Assistance Corp, according to The Washington Post.
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