L. Rafael Reif, an electrical engineer who has been the provost of the Massachusetts Institute of Technology for the last seven years, has been chosen as the institution’s next president. Mr. Reif, 61, will assume the presidency on July 2, succeeding Susan Hockfield, who in February announced her plans to resign. As provost, Mr. Reif led the development of MITx and edX, the institute’s new online initiatives, expanded the institute’s global reach with projects in Abu Dhabi, Singapore and Russia, and helped foster the emergence of an innovation cluster adjacent to M.I.T. in Kendall Square. During the financial downturn that began in 2008, Mr. Reif led a process that eliminated a $50 million structural deficit. Mr. Reif, who was born in Venezuela, has been at M.I.T. since 1980, serving as head of the department of electrical engineering and computer science, the institute’s largest department, before he became provost. He is known for his research on semiconductors.