FILE - Iowa Lt. Gov. Adam Gregg smiles after delivering his inaugural address, Jan. 13, 2023, in Des Moines, Iowa. (AP Photo/Charlie Neibergall, file)

DES MOINES, Iowa (AP) — Iowa Lt. Gov. Adam Gregg resigned his position Tuesday after serving more than seven years in office to take the helm of the state's bankers association.

Gregg said in a statement that “my time in public service must come to a close.” Also Tuesday, the Iowa Bankers Association announced Gregg as their incoming president and CEO, effective Oct. 1.

“In my time as lieutenant governor, I found that for every good thing happening in our state, there was an Iowa bank backing it," he said. “Now I have the great honor to represent this industry, which is so critical to Iowa’s success.”

Gov. Kim Reynolds initially announced the resignation, saying in a statement that the 41-year-old Republican “has been a tremendous partner” and is pursuing “a career opportunity that allows him to focus more on his family."

Iowa law states that the governor shall appoint someone to fill the vacancy for the remainder of the term. Reynolds indicated that she will do so “later this fall.” For now, Iowa Senate President Amy Sinclair, a Republican representing a south central district, is next in the line of succession.

The Iowa Bankers Association advocates for its members with state and local governments and has been led for 28 years by John Sorensen, who is stepping down this year.

The new job is likely to come with a significant pay increase for Gregg, whose salary remained by law at $103,212 throughout his tenure.

Sorensen received a total compensation package valued at more than $620,000 in 2022, the banking group’s most recent tax filing shows.

Sorensen was registered as a lobbyist for the current General Assembly, but Iowa law specifies a statewide elected official “shall not within two years after the termination of service or employment become a lobbyist.”

“We plan to follow the law as it relates to lobbying efforts,” Iowa Bankers Association spokesperson Jenica Lensmeyer said in an email, when asked about Gregg.

The goal of that so-called “revolving door” law, passed after a scandal in the 1990s, is to prevent state elected officials from immediately cashing in on their government service when they leave office.

Reynolds, who was former Gov. Terry Branstad’s lieutenant governor, appointed Gregg to the position in May 2017, when Branstad was named U.S. ambassador to China and Reynolds became governor. The Republican ticket was elected to a full term in 2018 and was reelected in 2022.

Gregg was the Republican nominee for attorney general in 2014 but lost to incumbent Democrat Tom Miller. He was then appointed by Branstad to serve as state public defender.

In his statement, Gregg said he needs to be focused on his family, which includes his wife and two children who are “growing up too fast,” he said.

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Ryan J. Foley contributed from Iowa City, Iowa.

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