The 12th Duke of Devonshire, Peregrine Cavendish, has not ruled out future opportunities for University students, such as those on its Tourism and Events Management courses, working with his staff on the Chatsworth Estate.

"We do a lot of catering, retail and conservation work here which will be of interest to students. There's nothing like having young people around, sharing their ideas," he said.

Current Chancellor, Professor Leslie Wagner, will complete his five-year term of office later this year. He has held the post since November 2003 and oversaw significant growth, not least the opening of the Devonshire Campus in Buxton in 2005 and that of the new Markeaton Street site by Sir Richard Branson last November.

The Duke can boast a family connection with his Chatsworth Estate and Derbyshire dating back almost 500 years.

Professor John Coyne, Vice-Chancellor of the University, said the new Chancellor was seen as someone with a distinctive personality; an astute businessman and heavyweight figure who would bring gravitas to the prominent role.

The Vice-Chancellor added: "What we were looking for was someone well known who could be an ambassador figure for the University.

"The Duke is a person of substance who will resonate well with us being Derbyshire's university.

"Chatsworth House, his home, is also one of the images most associated with Derbyshire in the minds of people both within and outside the county."

The Duke said, for him, the attraction of becoming the University's Chancellor lay in the sense of excitement and achievement he has witnessed surrounding the institution.

He said: "I was extremely surprised but highly delighted to be approached to be Chancellor.

"There are many attractions to taking on the role, not least that this is for Derbyshire's University. I was born and brought up in this county, like a lot of the University's own students, and I am very proud of that fact."

The Duke particularly praised the way in which the opening of the University's Devonshire Campus in Buxton, in 2005, had reinvigorated the town.

His father was twice Mayor of Buxton and in 2006 his mother, the Dowager Duchess of Devonshire, was awarded an Honorary Doctorate by the University of Derby Buxton in recognition of her achievements as an entrepreneur, businesswoman and author, and for her services to Derbyshire.

Having attended the University Awards Ceremonies in Derby in January the Duke said he looked forward to attending the next graduation event as Chancellor – although he thought he might find the whole procedure "a bit nerve wracking".

"I am pleased to have been selected as Chancellor, although I strongly suspect that I will get more out of the relationship than the University will," said the Duke modestly.