The Arizona Commerce Authority is finally getting a new CEO, and it'll be a familiar face.

The economic development organization's board voted unanimously Tuesday to have officials negotiate a compensation contract with Sandra Watson. She was chief deputy to former CEO Don Cardon and has served as interim CEO since July.

A board committee will negotiate a contract with Watson. She makes $218,000 annually as interim CEO. Cardon's salary was $300,000.

The quasi-private authority gets $35 million of state funding annually, including $25 million for grants to help attract, expand or retain businesses.

The authority took over economic development functions from the now-disbanded state Department of Commerce.

Cardon announced in January that he return to running his businesses.