"We're on the rise, I'm going to leave it better than I found it," Hance said after Friday's news conference.
It was a bittersweet day for Hance, after announcing he would retire. He first addressed the Board of Regents at their meeting, and even got emotional as he spoke about his parents bringing him to Texas Tech 52 years and one month ago.
He's had a long tradition at Tech, graduating with a bachelor's degree in 1964. He was student body vice president, and president of his fraternity, Delta Tau Delta. Some of his current brothers even made it to Friday's new conference to support him.
Hance has also served as a member of the Texas Senate, and is the only person to ever defeat former President George W. Bush in a political race when Hance won the 19th Congressional District race in 1978.
It wasn't until December 2006 that Hance was named the third chancellor at Texas Tech. Since then, enrollment has increased from 30,454 to more than 44,000 students. The Texas Tech University System has also grown in the last few years under Hance, from two campuses to four. Hance also reached a personal goal, which was to raise one billion dollars in the capital campaign.
After reaching that milestone, Hance became serious about thinking about retirement. "I started thinking about it this summer, and I thought, you know, if I raise another billion dollars, they'll say 'So what? You've already done that.' I just decided I wanted a little more of my own life," Hance said.
Hance said he will miss graduation the most. "My motto at Texas Tech, 'dream no little dreams,' and that I want people not only, don't dream little dreams, I want them to dream big dreams and I want them to execute on those dreams," Hance said.
Hance said he will continue to have a home in Lubbock.