Regents to tap former dean as interim ISU president; share new president contract details

AMES — Given incoming Iowa State University President David Cook won’t arrive until March 1, 2026, the Board of Regents this week plans to name recently retired College of Business Dean David Spalding to serve as interim president for three months.

That will allow outgoing ISU President Wendy Wintersteen to retire in January — as planned when she announced her intentions to step down last May.

Cook’s appointment Tuesday afternoon wrapped a four-month national search for Iowa State’s next leader — that culminated with 78 applicants, whittled down to eight semifinalists and four finalists, two of whom dropped out.

When Cook begins March 1, he’ll make an annual salary of $700,000 — just under Wintersteen’s annual pay of $710,000. He also will receive a five-year deferred compensation plan beginning March 1, 2026 — with annual contributions of $100,000.

An offer letter provided to The Gazette on Wednesday offered Cook a five-year contract — along with tenure as a professor in the ISU Department of Kinesiology and Health.

He’ll be offered an $8,000 monthly housing allowance and will not be required to live in The Knoll — Iowa State’s 124-year-old presidential home recently flagged as having “health and safety concerns, poor energy efficiency, functional restrictions, and non-accessible conditions in some public spaces.”

Cook will receive a $1,500 monthly vehicle allowance, and Iowa State will cover his family’s moving expenses — including any trips to Ames to find adequate housing.

Once Cook retires from his presidency, per the offer letter, he’ll be allowed to stay on as a tenured professor — making a salary equal to the highest-paid professor in his department.

“It is a pleasure to confirm your employment as president of Iowa State University,” Cook’s Nov. 11 offer letter read.

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Spalding, according to a regents agenda item added to its Thursday meeting docket following Cook’s appointment Tuesday, will begin his interim stint Jan. 3 and step aside March 1, when Cook assumes office.

The longest serving business dean in Iowa State history, with 12 years leading the college, Spalding will make an annual salary of $600,000 during his time as interim president.

He first moved to Ames for the ISU job in 2013 after serving eight years at Dartmouth College, including as senior vice president and senior adviser to the president, according to Iowa State.

Prior to his time in academia, Spalding spent 29 years working in finance in New York City — having earned a bachelor’s from Dartmouth and MBA from New York University.

Vanessa Miller covers higher education for The Gazette.

Comments: (319) 339-3158; vanessa.miller@thegazette.com