N.Y. Comp. Codes R. & Regs. tit. 8, § 328.1 – Appointment.

(a) The chancellor shall be appointed by the board of trustees and shall serve at the pleasure of the board of trustees.
(b) At any time during the period of appointment, the board of trustees may evaluate the services of the chancellor.
(c) The chancellor, upon appointment, shall be appointed to the faculty of the university in a position of academic rank with continuing appointment.