The Iowa Board of Regents approved a 5 percent pay raise for ISU President Gregory Geoffroy earlier this month.

Regents President Michael Gartner said the board approved the pay increase to reward his performance at Iowa State.

“There was a unanimous feeling among the Board of Regents that President Geoffroy is doing an excellent job,” Gartner said. “He’s a first-rate president and the university is lucky to have him.”

He said the salary increase would also provide incentive to keep Geoffroy from leaving Iowa State, a concern among boardmembers.

“There’s a lot of people looking for college presidents these days,” he said. “We hope that the search firms don’t lure President Geoffroy. We hope that we’ve made it attractive for him so he won’t leave.”

He said the board also decided to increase Geoffroy’s deferred compensation package to ensure that he stays for years to come.

The raise bumps Geoffroy’s salary to $323,308.