Currently, UTC uses the semester system, with five optional "mini-terms" in the summer. The leadership of the campus rests upon the chancellor, who answers to the University President. The most recent Chancellor was Bill W. Stacy, who resigned in the summer of 2004 to become headmaster of the Baylor School. The interim Chancellor is Dr. Frederick Obear, who previously served as chancellor in the 1970s and 1980s.