The newest member of the South Dakota Board of Regents says his business and education background will give him a unique perspective on the board.

Forty-nine-year-old Randy Schaefer has owned an insurance agency in Madison since 2000, has been a real estate developer and worked with Lake Area Development Foundation.

He says economic development and education must work together. Schaefer says the six state-run universities might be entering their biggest decade of change. He says it will take much work, commitment and new ideas to stay ahead of other states.

The new regent attends his first meeting later this month in Pierre.