WASHINGTON—FDIC Chairman Martin Gruenberg plans to retire from the agency, effective Jan. 19, Reuters reported.
The decision paves the way from Donald Trump to name new leadership to the agency, Reuters noted.
Reuters cited a message sent to employees at the FDIC. Gruenberg said he had informed President Joe Biden of his decision.
"It has been the greatest honor of my career to serve at the FDIC. I have especially valued the privilege of working with the dedicated public servants who carry out the critically important mission of this agency," he wrote.
Gruenberg had hung onto his position amid a great deal of controversy. As CUToday.info extensively reported, late last year a Wall Street Journal report exposed widespread misconduct at the FDIC.
Upon his departure, the FDIC chair role will pass to Travis Hill, the agency's vice chair and a Republican who Trump transition officials are also considering for the top job permanently, Reuters reported.
Gruenberg, 71, had been at the FDIC since 2005.