U. President David Pershing praised Ivory's commitment to student scholarships, calling the emphasis "transformative."
Ivory established U. Future Scholars, a program that gives financial help to students who are within three semesters of graduation but struggling to pay tuition. He also helped raise money for a new student recreation center and make new hires in key university leadership positions, including president, senior vice president for health sciences and senior vice president for academic affairs.
"Clark has been a great leader for the university," Pershing said in a statement. "His business acumen and emphasis on student success have been valuable additions to the board."
The board will vote on a new chair when Ivory's resignation takes effect in June. Gov. Gary Herbert will appoint a replacement board member.
Ivory holds a bachelor's degree from the University of Utah and an MBA from Harvard University. He has been CEO of the state's No. 1 homebuilding company for 14 years, overseeing the construction of more than 15,000 homes.