Hank’s new title of respect (4)

I believe the answer is:

khan

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'title of respect' is the definition.
Although both the answer and definition are singular nouns, I don't see how they can define each other.

'hank's new' is the wordplay.
'new' indicates anagramming the letters.
'hank' is an anagram of 'KHAN'.

Can you help me to learn more?

(Other definitions for khan that I've seen before include "Title taken by ancient Mongol emperors, such as Genghis" , "Eastern potentate" , "See 14" , "Caravanserai; Asian ruler" , "Central Asian title of respect" .)

I've seen this clue in the Evening Standard.

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