Dan Saftig, president and chief executive officer of the ISU Foundation, announced Monday that he will be stepping down from his position.

Saftig had been president of the Foundation, which is a private nonprofit organization, since July 1, 2003.

“I think anytime you have a new head of an organization, especially a new president of a university, that person needs to create their own teams,” said Marla Franklin, chairwoman of the ISU Foundation, on why Saftig may have decided to leave the position.

In Saftig’s nine years as the president, he helped the Foundation raise “more than $1 billion in gifts and commitments” according to a release from Franklin on Monday.

Franklin explained that the money raised by the Foundation goes toward the university and student scholarships. The Foundation also employs a large number of students and graduate students, many of whom work in the call centers.

“I don’t see this as sudden,” Franklin said on Saftig’s announcement. “[Saftig] is going to be working with Dr. [Labh] Hira for the transition.”

Hira, the retiring dean of the College of Business, has been appointed by the Foundation Board as the interim president of the Foundation. Franklin said Hira spoke with Foundation staff Monday afternoon.

Saftig was recognized for his work in helping to raise $867 million as part of the “Campaign Iowa State: With Pride and Purpose” in October 2011. This fundraising campaign is considered one of the most successful in the school’s history.

“The plan is to continue that level of fundraising,” Franklin said.

She explained that the search for the new ISU Foundation president will begin immediately.

“Its important to the Foundation that our donors are confident in the leadership of the Foundation,” Franklin said.

Messages were left for Saftig and Hira, but with no responses.