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Chancellor  (Chancellors plural )
1  n-title; n-count Chancellor is the title of the head of government in Germany and Austria. 
...Chancellor Gerhard Schröder of Germany.  
2  n-count In Britain, the Chancellor is the Chancellor of the Exchequer. 
3  n-count The Chancellor of a British university is the official head of the university. The Chancellor does not take part in running the university. 
4  n-count The head of some American universities is called  the Chancellor. 
5 
 →  vice-chancellor 
Chancellor of the Exchequer   (Chancellors of the Exchequer plural )The Chancellor of the Exchequer is the minister in the British government who makes decisions about finance and taxes.  n-count 
vice-chancellor   (vice-chancellors plural )
1  n-count In a British university, the vice-chancellor is the person in charge of academic and administrative matters. 
2  n-count In an American university, the vice-chancellor is the person next in rank below the chancellor, who acts as the chancellor's deputy or substitute.