Bruce Harreld, a former Harvard Business School faculty member and corporate executive who helped save a floundering IBM in the 1990s, will become the University of Iowa’s 21st president, the state Board of Regents decided Thursday.

Board members unanimously chose Harreld, 64, to replace Sally Mason, who retired Aug. 1 after serving eight years. Harreld will take office Nov. 2. He will be paid $590,000, and will receive an annual deferred compensation payment of $200,000 for five years.

He was chosen from among four finalists, including three high-ranking academics. Harreld’s candidacy drew criticisms at UI from faculty and others who questioned whether his credentials were suited to the job. Others praised the idea of having a business leader run the school.

Harreld previously held positions with Kraft Foods, IBM, and Boston Market restaurants. He joined Harvard in 2008, focusing on teaching strategy. His research focus was encouraging innovation, changing corporate cultures, and managing people.

The announcement concludes a search that began in February when Mason announced her retirement. The Board of Regents appointed a 21-member search and screen committee to work in conjunction with professional search consultant Parker Executive Search. 

Jean Robillard, UI’s vice president for medical affairs, will continue to serve as interim president until Harreld takes office.