U.S. Securities and Exchange Commission Chairman Mary Schapiro, who took the agency's helm in 2009 as it reeled from public rebukes for failing to rein in Wall Street abuses, is leaving the agency next month.
Schapiro, 57, will be replaced as chairman when she steps down on Dec. 14 by Commissioner Elisse Walter, former senior executive vice president at the Financial Industry Regulatory Authority, President Barack Obama said in a statement.
"When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole," Obama said in the White House statement. "She accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people — thanks in large part to Mary's hard work."
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