chancellor:
(plural: ‘chancellors‘; pronunciation: the letters ‘ch’ rhyme with the letters ‘ch’ in “church”)

Jack Straw, the Lord Chancellor of Great Britain
a minister (political leader elected by people) in charge of a portfolio in some countries;
the head of a state in some countries (like a president or prime minister in some countries) as in Germany;
a chief administrative officer in a university in some countries – the USA and India;
a priest in charge of chancery in Roman Catholic Church;
a judge of a certain court of law,

Sir George Alleyne, Chancellor, University of West Indies
Ms Angela Merkel is, present German chancellor, is the first lady chancellor of Germany, and the second woman to be elected chairwoman of G8 (group of eight countries), the first chairwoman being Mrs Margret Thatcher, the ex-prime minister of GB.
In addition to the several important tasks in maintaining the office, the chancellor of a university teaches students in his/her area of expertise.
In some countries, India for instance, the governor of a state acts as the chancellor of the universities, and each university has a vice-chancellor, VC, appointed by the chancellor, after consultations with the university council.
