[UPDATE 4:05 p.m.] Regents Unanimously Select Leath as Next ISU President

[Update] The Iowa Board of Regents have unanimously selected Steven Leath as the next president of Iowa State University.

Leath will become the 15 president of ISU when his term begins on Feb. 1.

Leath is currently vice president for research and sponsored programs for the University of North Carolina, Chapel Hill. He will earn an annual salary of $440,000 along with a three-year contract of $75,000 annually in deferred compensation.

He will succeed Gregory Geoffroy, who is stepping down after serving as ISU president for 10 years.

Leath was one of two candidates, along with Kumble Subbaswamy, provost of University of Kentucky. Leath's background is in agriculutural research service and securing external funding for research.

Previous coverage:

Kumble Subbaswamy told the Board of Regents Tuesday that he came to the country with $8 in his pocket and a $500 loan for a plane ticket so that he could study physics in Indiana.

The mentors he found here opened doors for him and he said he wasn't afraid to walk through them.

Subbaswamy, called “Swamy” by some, is one of two finalists for the Iowa State University presidency and the current provost of University of Kentucky. He said he hopes that the next door he walks through will be at the Memorial Union, where the regents expect to announce Iowa State's next president this afternoon at 4 p.m.

Regents interviewed Subbaswamy beginning at 12:30 p.m. and went into a closed session to discuss Subbaswamy's competency about 1 p.m.

The interview with the other finalist, Steven Leath, 54, vice president for research and sponsored programs for the University of North Carolina, Chapel Hill, began at about 10:30 a.m.

Candidates' introductions and opening statements and some questions from the Regents were open to the public; however, interviews and deliberation were held in closed session. Live audio streaming of the open portions of the meeting was available from the board's website.

Subbaswamy said that being a leader at the university means being able to bring out the best in individuals who are among the smartest and most opinionated people on the planet. He also boasted about his ability to fundraise and his popularity among faculty during his career.

“ISU is an excellent match for both my passion and my skills. Iowa State is extremely well positioned to become the model land-grant university of the future,” Subbaswamy said adding that he wanted to be a part of the transformation.

Leath also told Regents that he felt Iowa State was poised for something great.

"I can build relationships across the state and be successful here," he said.

Leath commented on his leadership style, fundraising prowess and described himself as a "land-grant guy." He said he liked to hire good people and empower them to do their jobs adding that he explains his decisions and believes in transparency.

He said the campus' success would be dependent on its ability to serve the state.

"The Iowa State campus needs to be an engine for economic development," he said. "There needs to be alignment between the needs of Iowa and the campus."

The special regents meeting was held at the in the Uelner Executive Board Room.

Current ISU president, Gregory Geoffroy, will leave his post by July 31.

Videos of last week's question and answer sessions are available here. For more on the Iowa State presidency check the Iowa State Daily.

EARLIER STORY: Candidate interviews are under way with two candidates vying to become the new Iowa State University president.

The interview with Steven Leath, vice president for research and sponsored programs for the University of North Carolina, Chapel Hill, began at about 10:30 a.m.

"I can build relationships across the state and be successful here," Leath told members of the Iowa Board of Regents during opening statements this morning on campus.

Leath commented on his leadership style, fundraising prowess and described himself as a "land-grant guy."

"The Iowa State campus needs to be an engine for economic development," he said. "There needs to be alignment between the needs of Iowa and the campus."

, provost of the University of Kentucky, Lexington, will be second with an interview planned for 12:30 p.m. The candidates' introductions and opening statements will be open to the public; however, interviews and deliberation will be held in closed session. Live audio streaming of the open portions of the meeting will be available from the board's website.

The special regents meeting will be held at the in the Uelner Executive Board Room.

The regents will make a selection and announce the next Iowa State president at 4 p.m. today. That meeting will be held in the Campanile Room of the

Current ISU president, Gregory Geoffroy, will leave his post no later than July 31.

Videos of last week's question and answer sessions are available here.

For more on the Iowa State presidency check the Iowa State Daily.