Steven Barnes has been named the next chairman of the Syracuse University Board of Trustees.

The Board of Trustees Organization and Nominating Committee and the Executive Committee unanimously approved the nomination of Barnes, an SU alumnus, according to an SU News release. Barnes will replace Richard Thompson this weekend after Thompson’s term ends following the board’s annual meeting during commencement weekend. Thompson will become Chairman Emeritus and it was announced last week that he will receive an honorary degree at commencement.

Barnes joined the Board of Trustees in 2008 and has since served on two of the board’s committees: the executive committee and the investment and endowment committee.

He received the Dritz Trustee of the Year Award in 2014, an award that recognizes a trustee “who shows extraordinary effort on behalf of the university.”

“I know Steve has the capacity, drive and expertise to skillfully lead this University into a new era, working with the entire board and Chancellor Syverud,” Thompson said in the release.

Outside of serving on the board, Barnes is a managing director with Bain Capital, a global alternative investment firm based in Boston. He also serves as a member of the ownership group and board of directors of the Boston Celtics.

“Steve Barnes will bring exceptional skills to the role of Chairman,” said Chancellor Kent Syverud in the release. “He is a strategic and entrepreneurial thinker. He has worked vigorously on behalf of the University and provided visionary support for our students, and our faculty. I know he will be a great leader in his new role.”