The Iowa Board of Regents has approved the University of Iowa’s selection of J. Bruce Harreld as the school’s next president. 

The board entered a closed-session meeting Thursday to interview four finalists who were being considered to replace former President Sally Mason, who officially retired last month. 

Harreld was a faculty member at the Harvard Business School and former senior vice president of business and marketing strategy for IBM Global Services in New York. He will take office as the new president Nov. 2, and his annual salary will be $590,000 with a five-year deferred compensation plan of $200,000 per year, according to the Iowa Board of Regents.

“I congratulate Bruce Harreld on becoming the new president of the University of Iowa and look forward to working with him to ensure Iowa students have access to high-quality, affordable higher education while ensuring that our colleges and universities play a key role in by converting university research into career opportunities for our graduates,” said Iowa Gov. Terry Branstad in a statement released Thursday afternoon. 

The four choices for president, including Harreld, were Ohio State University Provost Joseph Steinmetz, Oberlin College President Marvin Krislov and Tulane University Provost Michael Bernstein.