Patrick Harker, the dean of the Wharton School since 2000, will leave next year to become president of the University of Delaware.
He will replace retiring Delaware president David Roselle.
In a statement, Penn President Amy Gutmann and Provost Ron Daniels congratulated Harker on winning the post and praised his contributions to the University.
"As we congratulate him on this exciting new opportunity and wish him well, we also know his departure will be a great loss for Penn," the statement read in part.
Gutmann and Daniels also noted Harker's "energy and creativity" in leading Wharton, as well as his role in the school's largest fundraising effort to date.
A Wharton spokesman had previously said that Gutmann would lead the process to find Harker's successor.
Harker's candidacy for the Delaware job became known last month when he visited the school to meet with administrators.
University of Delaware reports had indicated that officials there were seeking an accessible, "business savvy" leader who could recruit diverse faculty and students.
Harker is a Penn graduate and joined the Wharton faculty in 1984. When appointed, he was the youngest dean in Wharton's history.
He will officially assume his new post on July 1, 2007.
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