Iowa Lt. Gov. Adam Gregg has stepped down from his role after over seven years to become the new president and CEO of the Iowa Bankers Association, effective October 1. In his resignation statement, Gregg expressed that his time in public service has concluded. Governor Kim Reynolds praised Gregg as a valuable partner and noted his decision to prioritize family as he transitions to his new career opportunity in the banking industry.
The Iowa Bankers Association announced Gregg’s appointment, citing his experience and understanding of the crucial role that banks play in supporting Iowa’s prosperity. As per Iowa law, Governor Reynolds will appoint a replacement for the remainder of the term, with Iowa Senate President Amy Sinclair next in line for succession. John Sorensen, the current leader of the Iowa Bankers Association, will be stepping down after 28 years of service.
Gregg’s move to the banking sector is anticipated to bring a substantial salary increase, as his lieutenant governor salary had remained fixed at $103,212. Meanwhile, Sorensen’s total compensation in 2022 exceeded $620,000. The Iowa Bankers Association assured compliance with lobbying regulations, as state elected officials are prohibited from lobbying within two years of leaving office to prevent exploiting their government positions for personal gain.
Governor Reynolds appointed Gregg as lieutenant governor in 2017, and their Republican ticket was elected to full terms in 2018 and 2022. Prior to his role as lieutenant governor, Gregg was the Republican nominee for attorney general in 2014 and later served as the state public defender. In his statement, Gregg emphasized the need to focus on his family, including his wife and children, whose rapid growth he wishes to prioritize.
