Outgoing University of Science and Technology president Woo Chia-wei has agreed to stay on for another three months until his successor takes up his post in July. The 63-year-old said university council chairman Vincent Lo Hong-shui asked him to stay until the end of June to ensure a smooth transition. The university's founding president announced his resignation in April and was due to leave in March. But successor Paul Chu Ching-wu, director of the Texas Centre for Superconductivity at the University of Houston, said he had to allow more time for his institution to find a replacement. Professor Woo described Professor Chu, a fellow physicist, as the perfect choice for the job, saying he would be able to take the 12-year-old university to new heights. 'The date he accepted the appointment was my happiest day. He is a man as perfect as you can find,' Professor Woo said. 'He is not only an internationally renowned academic but also a modest person who is very good in inter-personal relationships. There is no doubt that he can administer the university very well.' Professor Chu will arrive in the SAR today for a five-day trip to meet university staff and government officials. Professor Woo first met him in 1966 at the University of California at San Diego, where he did his post-doctoral research. 'It's not easy for a university to find a president who is lauded by everybody in Hong Kong,' said Professor Woo, referring to widespread support for Professor Chu's appointment. Professor Woo has called on the Government to increase spending on education. 'Hong Kong is such a rich city but the Government only spends about four per cent of gross domestic product on education, while the proportion devoted to education in Taiwan is seven per cent,' he said. 'Taiwan's GDP per capita is only half of Hong Kong's. Education is definitely a good investment which can generate lucrative returns.' Government funding for higher education has been cut by 10 per cent since 1998.