AMES (AP) — The former president of the Iowa State University Foundation received 18 months of severance pay, or more than $400,000, as part of an agreement to leave, The Ames Tribune reported. The move came as ISU’s new president was shaping his leadership team.

Dan Saftig resigned in March after nine years with the university’s primary fundraising arm. During his tenure, he brought in more than $1 billion in gifts to the foundation.

Lisa Eslinger, senior vice president of finance and operations of the foundation, told the Tribune that Saftig received 18 month of severance. She declined the release the exact amount, but the newspaper reported Thursday that based on fiscal 2010-11 earnings of $275,000, Saftig received $414,000.