DES MOINES, Iowa (AP) — Iowa Lt. Gov. Adam Gregg resigned Tuesday after more than seven years in office to take the helm of the state’s banking association.
Gregg said in a statement that “my time in public service must come to an end.” Also Tuesday, the Iowa Bankers Association announced that Gregg will be its new president and CEO, effective Oct. 1.
“During my time as lieutenant governor, I found that for every good thing that happened in our state, there was a bank in Iowa that supported it,” he said. “Now I have the great honor of representing this industry that is so critical to Iowa’s success.”
Gov. Kim Reynolds initially announced his resignation, saying in a statement that the 41-year-old Republican is looking for “a career opportunity that allows him to focus more on his family.”
In his statement, Gregg said he “needs to focus” on his family, which includes his wife and two children.
“My children are growing up too fast and the elected positions at the state level force me to miss more of their lives than I can accept,” he said.
The Iowa Bankers Association represents its members’ interests in state and local government. John Sorensen has been the association’s leader for 28 years. He is stepping down this year.
The new job will likely come with a significant pay increase for Gregg, whose salary has remained legally unchanged at $103,212 throughout his tenure.
The banking group’s most recent tax filings show that Sorensen received total compensation worth more than $620,000 in 2022.
Iowa law states that the governor will appoint someone to fill the vacancy for the remainder of the term. Reynolds indicated she will do so “later this fall.”
Reynolds, a former lieutenant governor under Gov. Terry Branstad, appointed Gregg to the position in May 2017, when Branstad was appointed U.S. ambassador to China and Reynolds became governor. The Republican ticket was elected to a full term in 2018 and was re-elected in 2022.
Gregg was the Republican nominee for attorney general in 2014, but lost to incumbent Democrat Tom Miller. He was then appointed state public defender by Branstad.
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Ryan J. Foley contributed from Iowa City, Iowa.
