A Chancellor is a leader of a college or university, usually either the executive or ceremonial head of the university or of a university campus.
In most Commonwealth (or former Commonwealth) nations, the Chancellor is usually a titular (ceremonial figurehead) non-resident head of the university. In such institutions, the chief executive of a university is the Vice-Chancellor, who may also carry a title such as the alternates listed above (such as "President & Vice-Chancellor"). The Chancellor may serve as chairman of the governing body (the council or board of governors); if not, this duty is often held by a chairman who may be known as a Pro-Chancellor.
In many countries, the administrative and educational head of the university is known as the President, Principal or Rector. In United States, the head of a university is most commonly a university president. In U.S. university systems that have more than one affiliated university or campus, the executive head of a specific campus may have the title of Chancellor and report to the overall system's President, or vice versa. http://en.wikipedia.org/wiki/Chancellor_(education)