(a) There is at the Naval Postgraduate School the civilian position of Provost and Chief Academic Officer. An individual selected by the Secretary of the Navy for the position of Provost and Chief Academic Officer shall serve in that position for a term of not more than five years and may be continued in that position for an additional term of up to five years. Before making an appointment to the position of Provost and Chief Academic Officer, the Secretary shall consult with the Board of Advisors for the Naval Postgraduate School and shall consider any recommendation of the leadership and faculty of the Naval Postgraduate School regarding an appointment to that position.

(b) The Provost and Chief Academic Officer is entitled to such compensation for his services as the Secretary prescribes, but not more than the rate of compensation authorized for level IV of the Executive Schedule.