FAIRBANKS — Cory Borgeson soon can drop the “interim” from his title at Golden Valley Electric Association.

The board of directors of the Fairbanks-based electricity cooperative earlier this week offered Borgeson a three-year contract to serve as president and chief executive officer, the utility announced in a Friday afternoon news release.

The contract, effective Jan. 1, sets Borgeson’s annual salary at $295,000.

His predecessor, Brian Newton, had a reported compensation of $324,074 for 2011, said GVEA spokeswoman Corinne Bradish, referencing the cooperative’s Form 990 filing with the Internal Revenue Service.

“Since Cory assumed the role of interim president and CEO this summer, we have been pleased with his exceptional performance and we are confident in his ability to continue to lead GVEA in the future,” GVEA board Chairman Bill Nordmark said in a news release. “His experience with the electric utility industry and work on Alaska Railbelt issues over the past 20 years will benefit GVEA’s members and employees well.”

Borgeson has been GVEA’s general counsel since 1989. He has been in private practice since 1984, most recently as managing partner of the firm Borgeson and Kramer, formerly Borgeson and Burns. The firm has represented the Daily News-Miner on several occasions. He previously worked as assistant vice president for First National Bank in Fairbanks.

He has served on the board of directors of the Fairbanks Resource Agency, Fairbanks Family Centered Services and, nationally, on the Board of the Electric Cooperative Bar Association, according to biographical information included in the news release. He has been a faculty member in the University of Alaska Fairbanks School of Management for nearly 30 years.

Borgeson grew up in Michigan but has lived in Alaska since 1982. He earned a bachelor’s degree in psychology from Oakland University and a juris doctorate from Drake University with a focus on business law and taxation.

Contact managing editor Rod Boyce at 459-7585.